Ferrari (RACE 126.04, +6.54) has jumped 5.5% to a fresh record after reporting in-line earnings on light revenue. The company also commented on its outlook for the medium term.
The craftsmen from Maranello reported in-line fourth quarter earnings of EUR0.71 per share on revenue of EUR840 million, which ticked up 0.5% year-over-year, but was shy of market expectations.
Ferrari shipped 2,017 vehicles during the fourth quarter. This was up 4.0% year-over-year and it brought total 2017 shipments up to 8,398 (+5.0% year-over-year). Shipment growth was fueled by sales of V12 models (GTC4Lusso, 812 Superfast, LaFerrari Aperta) while sales of V8 models (488, GTC4Lusso) were in-line with last year's figures. The company will begin delivering Ferrari Portofino in the second quarter of 2018.
Fourth quarter shipments to China, Hong Kong, and Taiwan surged 33.3% year-over-year to 164 units while shipments to the rest of Asia-Pacific increased 14.6% to 321 units. Shipments to the Americas rose 6.4% to 733 while shipments to Europe, Middle East, and Africa fell 5.8% to 799 units.
Adjusted earnings before interest, taxes, depreciation, and amortization increased 2.8% to EUR258 million. Adjusted net profit grew 4.6% to EUR136 million. The company's net industrial debt declined 27.6% year-over-year to EUR473 million.
Looking ahead, the company expects to ship more than 9,000 vehicles, including supercars. Adjusted EBITDA is expected to exceed EUR1.10 billion for the full year while net industrial debt is expected to decline below EUR400 million. Ferrari expects that capital expenditures will exceed EUR550 million.
Ferrari expects that EBITDA will reach EUR2 billion no later than 2022 and that net industrial debt will be extinguished by 2021.