Why Ferrari (RACE) Shares Are High On Racing Today - Ferrari (NYSE:RACE)

Ferrari NV RACE reported first-quarter FY23 sales growth of 20.5% year-on-year to €1.42 billion. Total shipments of 3,567 units improved 9.7% from last year.
Car and spare parts revenue rose 23% Y/Y, and Engines decreased by 12%.
Adjusted EBITDA rose 27% Y/Y to €537 million, and the margin expanded 200 basis points Y/Y to 37.6%.
Net profit for the quarter increased 24% to €297 million.
Adjusted EPS of €1.62 rose 26% from €1.29 last year.
Cash flow from operating activities totaled €398 million with a €248 million free cash flow.
Benedetto Vigna, Ferrari CEO, said, "Our order book already extends into 2025 with an award-winning product portfolio. We have decided to reopen orders for the Purosangue, suspended due to an initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello."
Also Read: Ferrari Teams Up with Samsung for High-Tech In-Car Displays
Price Action: RACE shares are trading higher by 4.87% at $291.15 on the last check Thursday.
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Why Ferrari Shares Are High On Racing Today