Ferrari (RACE 78.49, +2.47) has climbed 3.3% in pre-market after reporting better than expected results for the first quarter. The pre-market gain puts the stock on track to set a fresh record high.
The manufacturer of performance vehicles reported above-consensus earnings of EUR0.65 per share on a 21.6% year-over-year spike in revenue to EUR821 million, which was also ahead of expectations.
The increase in revenue was driven by strong sales of engines and solid shipments. Engine sales grew 81.0% to EUR104 million while shipments increased 6.0% to 2,003. The strongest growth in shipments was recorded in Europe, Middle East, and Africa, where shipments increased 9.0% to 1,034 with double-digit growth in Germany, France, Italy, and the UK. Shipments to the Americas grew 4.0% to 545 while China, Hong Kong, and Taiwan shipments rose 3.0% to 161. Shipments to the rest of Asia-Pacific increased 4.0% to 263.
Sales of V12 models jumped 50.0% thanks to strong demand for GTC4Lusso, LaFerrari Aperta, and F12tdf, which were partially offset by the phasing out of F12berlinetta. V8 sales declined 3.0%.
Adjusted EBITDA margin improved 320 basis points to 29.5% and tax rate declined to 28.5% from 30.9% one year ago. Adjusted net profit increased 60.0% year-over-year to EUR124 million.
Ferrari remains confident that it will be able to deliver on its goal of generating full-year revenue of more than EUR3.30 billion. Roughly 8,400 shipments are expected and the company reaffirmed expectations for adjusted EBITDA of at least EUR950 million.