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Ferrari Q3 profit climbs 21.6% YOY

Ferrari NV said its third-quarter normalized net income came to 64 euro cents per share, compared with the S&P Capital IQ consensus estimate of 68 cents per share.

EPS increased 21.0% year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €120.6 million, a gain of 21.6% from €99.2 million in the prior-year period.

The normalized profit margin increased to 14.4% from 12.7% in the year-earlier period.

Total revenue increased 6.7% on an annual basis to €835.9 million from €783.5 million, and total operating expenses climbed from the prior-year period to €634.2 million from €613.0 million.

Reported net income grew 26.0% on an annual basis to €140.4 million, or 74 cents per share, from €111.5 million, or 59 cents per share.