Ferretti, the luxury Italian yacht manufacturer, reduced Wednesday its guidance for full-year adjusted core profit (EBITDA), and revenue pending confirmations of U.S. yacht orders in its "composite segment".

Ferretti's "Composite Yachts" are the smallest yachts in its three product lines. They can be up to 30 meters (100 feet) long, and have composite hulls of fibreglass or a carbon fibre.

Ferretti's new forecast for adjusted EBITDA is between 185 and 190 millions euros ($196.45 and $201,76 million), compared to its previous guidance range of 195 to 200 million euro.

The company also lowered its forecast of net revenue for new yachts in 2024 to between 1,16 billion and 1,18 billion euros, from an earlier range of 1,22 to 124 billion euros.

It said that it expected an adjusted EBITDA of above 18.5% in the "mid-term" and has confirmed its target for 2024 at 16% to 16,1%, with a 10% CAGR growth rate in net revenue.

Ferretti's nine-month adjusted core profits rose 10.7% on an annual basis to 138.2 millions euros. Its January to September net revenues from new yacht sales totaled 865.3million euros.

(source: Reuters)