Customers continue to choose high-priced, personalized sports cars as Ferrari offers guidance.

• Ferrari reported a 46% increase in third-quarter profit compared to the previous year on Thursday.
• The full-year guidance was increased again by the luxury automaker after the results.
• Recently, Ferrari has significantly expanded its selection of options, providing customers with a vast array of choices in paint finishes, interior materials, and other specifications, which the company refers to as "personalizations."

On Thursday, Ferrari announced that its third-quarter profit increased by 46% compared to the previous year, due to the demand for personalized features in their new cars among affluent customers.

Ferrari increased its full-year guidance after the quarterly results.

Ferrari has updated its revenue and profit expectations for 2023. The luxury automaker now anticipates revenue of approximately 5.9 billion euros, or $6.3 billion, and per-share profit of at least 6.55 euros, with an adjusted EBIT margin of at least 26.5%. In August, Ferrari had forecast full-year revenue of about 5.8 billion euros and per-share profit between 6.25 euros and 6.40 euros, with an adjusted EBIT margin of at least 26%.

Ferrari's boosted outlook was due to an increase in sales of its high-end models and the continued popularity of personalizations, as stated by CEO Benedetto Vigna.

Vigna stated that the order book is still at its highest levels, indicating strong demand across all regions, and encompassing the entire 2025.

Ferrari has significantly expanded its options list, allowing customers a vast array of choices in paint finishes, interior materials, and other details, which the company refers to as "personalizations." These extended options can increase the cost of a new Ferrari by hundreds of thousands of dollars, significantly boosting the company's profit per car sold.

Here are the key numbers from Ferrari’s third-quarter earnings report:

• Analysts polled by LSEG, formerly known as Refinitiv, predicted earnings per share of 1.60 euros, but the actual earnings were 1.82 euros.
• Revenue: 1.54 billion euros vs. 1.47 billion euros expected, per LSEG

In the third quarter of 2023, Ferrari's EBIT margin increased to 27.4%, up from 23.9% in the same period last year. The company's net profit also rose by 46% to 332 million euros, or 1.82 euros per share, from 228 million euros, or 1.23 euros per share, in the third quarter of 2022.

Revenue increased 24% year over year to 1.54 billion euros.

In the third quarter, Ferrari shipped 3,459 vehicles, an increase of 9% compared to the same period last year. The company attributed the growth to its "geographic and product allocation plans by quarter" and highlighted the strength of its order book.

In Europe and North and South America, deliveries increased on a year-over-year basis, while in China, they decreased, and in the rest of the Asia-Pacific region, they remained relatively stable.

Ferrari announced that it increased production of its SUV-like Purosangue model and continued with the planned allocations for its limited-run seven-figure Daytona SP3 sports car during the quarter.