Ferrari profits up despite pandemic

Ferrari reported better than expected third-quarter profits Tuesday, which was unexpected given the pandemic and how hard Italy was hit. Its stock is up in premarket trading.

Ferrari earned about $1.08 a share from $1 billion in sales. Analysts were looking for about 96 cents in per-share earnings from $1 billion in sales.

Ferrari shipped 2,313 vehicles in the third quarter, down 161 units year over year.