- Ferrari NV (NYSE:RACE) reported first-quarter FY22 sales growth of 17.3% year-on-year to €1.186 billion.
- Total shipments of 3,251 units improved 17.3% from last year.
- Car and spare parts revenue rose 18% Y/Y, and Engines decreased 18%.
- Adjusted EBITDA rose 12% Y/Y to €423 million, and the margin contracted 160 basis points Y/Y to 35.6%.
- Adjusted EPS of €1.29 improved 16% from €1.11 last year.
- Cash flow from operating activities totaled €415 million with a €283 million free cash flow.
- Ferrari CEO Benedetto Vigna stated, "These results were sustained by a strong net order intake, which continued firmly over the first three months of the year: today the order book already covers well into 2023 and most of our models are sold out. Despite 2022 has been marked by several uncertainties in the geopolitical scenario, I therefore remain optimistic about the future prospect of the Company that we will present soon at the Capital Markets Day."
- Outlook: Ferrari sees FY22 revenue of about €4.8 billion and adjusted EPS of €4.55 - €4.75.
- Price Action: RACE shares are trading lower by 4.76% at $204.03 on the last check Wednesday.
- Photo By Kenneth White Via Pixabay
