Ferrari Raises FY23 Guidance On Q2 Earnings Beat, Solid Order Book

Ferrari NV RACE reported second-quarter FY23 sales growth of 14% year-on-year to $1.61 billion (€1.47 billion), beating the analyst consensus of $1.58 billion.

Car and spare parts revenue rose 15% Y/Y, and Engines decreased by 33%.

Adjusted EBITDA rose 31.9% Y/Y to €589 million, and the margin expanded 540 basis points Y/Y to 40%.

Net profit for the quarter increased 33% to €334 million.

Adjusted EPS of €1.83 rose 34% from €1.36 last year. EPS of $1.995 topped the consensus of $1.77.

Operating cash flow totaled €311 million with a €113 million free cash flow.

Benedetto Vigna, Ferrari CEO, said, "Deliveries reflected a rich product mix, while we continue to manage a very strong order book in all geographies."

Outlook: Ferrari raised FY23 net revenue guidance from about €5.7 billion to about €5.8 billion.

It also raised FY23 adjusted EPS guidance from €6.00 - €6.20 to €6.25 - €6.40.

Price Action: RACE shares are trading lower by 0.84% at $314.96 on the last check Wednesday.

Photo Via Company