Ferrari Races With 14% Jump In Q4 Profit Amid F8 Model Boost

Ferrari NV RACE has reported fourth-quarter FY21 sales growth of 10% Y/Y, to €1.17 billion.

• Adjusted EBITDA rose 7% Y/Y to €398 million, and the margin contracted 80 basis points Y/Y to 33.9%. For the year, Ferrari reported an EBITDA margin at a record level of 35.9%.
• Ferrari reported an adjusted EPS of €1.16. Adjusted net income increased 14% to €214 million.
• CEO Benedetto Vigna commented, "We recorded double-digit growth across all main financial indicators exceeding our guidance, and an even more exceptional EBITDA margin at a record level of 35.9%."
• Total shipments of 2,949 units in Q4 improved 10% from last year. For FY21, shipments totaled 11,155 units, up 22.3% versus the prior year.
• All geographic regions posted double-digit growth. Shipments were driven by the F8 family, along with the Ferrari Roma and the SF90 Stradale, which reached global distribution.
• Car and spare parts revenue rose 11% Y/Y at constant currency to €954 million, and Engines decreased 17% to €44 million.
• "We carefully managed an impressive order intake in line with our strategy to pursue controlled growth and preserve brand exclusivity," added Vigna said in the statement.
• Outlook: Ferrari sees FY22 revenue of approximately €4.8 billion, with adjusted EPS of €4.55 - €4.75.
• The Company forecasts adjusted EBITDA of €1.65 billion - €1.70 billion.
• Price Action: RACE shares are trading lower by 1.73% at $231.42 during the premarket session on the last check Wednesday.