Ferrari Shares Race Downward Post Q1 Performance

Ferrari NV 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

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