Ferrari (NYSE:RACE) shares went into reverse on Tuesday, having hit an all-time high two months ago as the sportscar manufacturer reported a decline in shipments but backed its full-year outlook.
The Italian group posted third-quarter results showing net revenues of €1.6 billion, up 6.5%, with total shipments down 2.2% to 3,383.
Shipments within Europe, Middle East and Africa were up 2%, while the Americas was down 2%, while the much smaller region for Ferrari (NYSE:RACE) of China, Hong Kong and Taiwan fell 29% and the rest of the Asia Pacific region increased 6%.
Adjusted EBITDA climbed 7% to €638 million for the quarter.
Management said they are more confident of hitting guidance that had been provided in August, including for EBITDA of at least €2.5 billion.
CEO Benedetto Vigna said the quarter "shows growing results for Ferrari, driven by a strong product mix and increased personalization".
He also hailed the F80 supercar just unveiled and recent "process innovation" with the strengthening of the company's in-house electrification expertise.
"The shutdown of the Maranello gas-fueled trigeneration plant, ahead of target, also marks a further step towards our 2030 carbon neutrality goal," he said.
Ferrari shares fell 5% in Milan to €415.1, and 4.7% to $452.6 in New York.