The drop was due mainly to a 29% deliveries slump in China, where Ferrari has a smaller presence. The manufacturer confirmed its full-year guidance and analysts said there’s no greater demand issue at the supercar maker.

Ferrari shares still fell as much as 6.1% in Milan, the steepest intraday decline since May. The stock is up more than a third this year, outperforming shares of rival luxury-car makers that have issued profit warnings after more pronounced sales declines.

Ferrari’s third quarter was “solid rather than spectacular,” Citi analysts led by Harald Hendrikse said in a note, adding that revenue growth was a bit slower.

The Italian manufacturer is doing well compared to mass-market carmakers and luxury brands more exposed to China, where there’s been a decline in purchasing due to a protracted real estate crisis.

Ferrari said Tuesday that third-quarter adjusted earnings before interest, taxes, depreciation and amortization rose 7% to €638 million ($695 million) — slightly ahead of analyst expectations. 

Sales climbed 7% to €1.64 billion, as the company benefited from more buyers adding customizations to their cars, according to Chief Executive Officer Benedetto Vigna.

Ferrari’s results underline “our positive outlook for super-luxury cars, which remains intact despite deliveries being a touch light,” Bloomberg Intelligence analysts led by Michael Dean said Tuesday in a note. The analysts had said in August that the company is sold out until 2026.

Vigna is committed to keeping Ferrari’s product line exclusive, leaning on customization services to boost profit. Last month, the company unveiled a €3.6 million supercar that’s one of its most expensive models ever.

Vigna, a former executive at chipmaker STMicroelectronics NV, is pushing the company into producing more electrified vehicles. In September, he said Ferrari is on track to launch the brand’s first fully electric supercar in the fourth quarter of next year.