Ferrari (RACE 131.75, -0.87, -0.66%) rose higher by 0.5% in pre-market
after reporting mixed results for the second quarter.
The manufacturer or performance vehicles reported above-consensus second quarter earnings of EUR 0.84/share on a 1.5% year/year decline in revenue to EUR 906 mln, which was shy of estimates.
The company shipped 2,463 vehicles during the second quarter, up 5.6% year/year, bringing shipments for the first half of the year to 4,591 (+5.9%). Shipment growth was fueled by sales of V12 models, which increased 22.6%. The 812 Superfast was at the forefront of the growth, which was partially offset by the phase-out of the F12berlinetta and lower sales of LaFerrari Aperta. Sales of V8 models increased 1.0%, mostly due to strength in the 488 family. The company completed the first deliveries of the new Portofino model, partially offsetting the phase-out of California T.
Shipment growth was recorded in most geographies. Shipments to Europe, the Middle East, and Africa increased 7.2% year/year to 1,073 units while shipments to the Americas increased 6.7% to 850 units. Shipments to China, Hong Kong, and Taiwan grew 26.4% to 177 units while shipments to the rest of Asia-Pacific declined 7.9% to 363 units.
Adjusted earnings before interest, tax, depreciation, and amortization grew 7.4% to EUR 217 mln while EBITDA margin improved by 200 basis points to 23.9%. Net industrial debt was reported at EUR 472 mln, essentially unchanged since the end of 2017.
The company reaffirmed expectations for shipments of more than 9,000 units during the fiscal year, including supercars. Adjusted EBITDA is expected to exceed EUR 1.10 bln while net industrial debt is expected to decline to below EUR 400 mln. Capital expenditures are expected to reach EUR 550 mln.
On a side note, the 2018 Formula 1 Season is now more than halfway done with two Ferrari drivers—Sebastian Vettel and Kimi Raikkonen—occupying second and third place in current standings, respectively.
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