Ferrari (NYSE:RACE) Posts Q-1 Results, Beats Street Estimates

Ferrari (NYSE:RACE) Posts Q-1 Results, Beats Street Estimates

Ferrari (NYSE:RACE) Posts Q-1 Results, Beats Street Estimates

$RACE

Ferrari NV (NYSE:RACE) raised forecasts for Y 2016 after sales of new sportscars helped profit rose 11% in Q-1, the Italian manufacturer’s 1st as an independent company.

Adjusted EBITDA will total at least $918-M, Ferrari said late Monday in a statement, beating Wall Street estimates

Chairman Sergio Marchionne will now have even greater say over that strategy as he also succeeds CEO Amedeo Felisa, whose retirement was announced in a separate statement Monday.

Mr. Marchionne’s appointment is effective immediately.

Q-1 deliveries at Ferrari rose 15% to 1,882 cars, including a 24% surge in Europe, the Middle East and Africa, and a 16% gain in greater China, the carmaker said.

Growth was driven by its 8-cyl models, particularly the newly introduced 488 GTB and 488 Spyders.

Revenue increased 8.8% to EUR 675-M. The company is forecasting full-year revenue of about EUR 3-B, and it plans to sell more than the 7,900 vehicles.

The luxury carmaker’s plans to expand into non-automotive luxury products were a cornerstone of Mr. Marchionne’s presentation to investors as the supercar manufacturer was spun off from Fiat Chrysler (NYSE:FCAU).

Ferrari’s new board includes Delphine Arnault, E-VP at LVMH Moet Hennessy Louis Vuitton SE; Adam Keswick, deputy MD of Jardine Matheson Holdings Ltd., the parent of Mandarin Oriental Hotel Group; and Lapo Elkann, a member of the Agnelli Family who helped to create Ferrari’s “tailor made” customization unit in Y 2011.

Symbol Last Trade Date Change Open High Low Volume
NYSE:RACE 43.95 3 May-2016 -0.58 43.85 44.09 43.65 450,600
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Neutral (0.19) Neutral (0.19) Neutral (0.17) Neutral (0.22)

Stay tuned…

Paul Ebeling

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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