Ferrari races ahead with earnings beat
Iconic supercar maker Ferrari reported quarterly earnings at the beginning of November, beating the street on earnings and raising its full year guidance. The company said that adjusted earnings before interest, tax, depreciation, and amortization, rose by 13% year on year to €266 million. That’s a significant beat against the €249 million analysts expected. Meanwhile, revenue rose in line with estimates, coming in at €836 million – a 7% rise from the year-ago quarter.
Ferrari’s share price has appreciated by 102% year to date
SOURCE: Yahoo Finance
Throughout the quarter, Ferrari saw continued strong demand for its exclusive supercars. The company said that shipments overall rose to 2,046. That’s a 3% against the same period a year ago. Europe, the Middle East, and Africa, saw a 5% rise in orders (to 903), the Americas also saw a 5% increase (to 736), and Asia Pacific (excluding China, Hong Kong, and Taiwan) saw shipments rise by 7% (to 255). China, Hong Kong and Taiwan were the company’s only weak spots, and collectively, they saw shipments fall by 16% (to 152). All of these figures are taken against the same period last year.
Ferrari has raised its guidance for the year, and it now expects full year earnings before interest, deductions, taxes and amortization of €1 billion (up from €950 million). It expects full year revenue of €3.4 billion (up from €3.3 billion).
Dominion holds Ferrari in its Global Trends Luxury Fund.
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