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.
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