Italian luxury carmaker Ferrari said Monday that the company shipped an estimated 2,474 units in the third quarter, an increase of 9.4% over the same time last year. Net revenues were an estimated 915 million euros (around $1 billion), an increase of 9.2% over the third quarter of 2018.

Ferrari has said that total pre-tax earnings for the year would likely be around 1.27 billion euros ($1.42 billion), an increase over the previous estimate of 1.2-1.25 billion euros. The news helped Ferrari stock to rally as much as 7.4% on Monday.

Chief Executive Louis Camilleri said that the company has a new branding strategy aimed at increasing profitability. Ferrari will soon launch a fashion collaboration with Armani, and focus on its various entertainment ventures such as theme parks in the United Arab Emirates and Spain. The company will also operate a restaurant, featuring Michelin-star chef Massimo Bottura.

"This is not just about profit, this is about enhancing our brand equity and the vitality and vibrancy of the brand," Camilleri said. This mixture of apparel, entertainment and luxury services aims to make up 10% of the company's profit over the next seven to 10 years.

Ferrari is one of the world's premier luxury sportscar brands and was founded in 1939 in Italy.

The brand has made headlines lately, with a new film starring Matt Damon and Christian Bale titled "Ford vs Ferrari" set for release in U.S. theaters on Nov. 15. It depicts how a group of American engineers and designers worked together to build a Ford racecar that could beat a Ferrari at the 24 Hours of Le Mans endurance race in France.

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