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


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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