Ferrari N.V. Q1 Earnings Beat The Street Amid Record Shipments

Written by StockNews.com

Ferrari N.V. (NYSE: RACE) early Thursday posted much better than expected first quarter earnings results and reiterated its full-year outlook, as it shipped a record number of high-performance vehicles.

The Italy-based exotic sports car maker reported Q1:

• earnings per share (EPS) of €0.65, which was €0.12 better than the Wall Street consensus estimate of €0.53 [and]
• revenues rose 21.6% from last year to €821 million, also beating analysts’ view for €766.76 million.

Looking ahead, RACE:

• confirmed its full-year revenue outlook of at least €3.3 billion, in-line with Wall Street estimates for €3.36 billion...[and]
• expects shipments of 8,400 vehicles for 2017.

The company commented via press release:

Shipments totaled 2,003 units in Q1 2017, up 121 units or +6.4% vs. prior year. This achievement was driven by a 50% increase in sales of our 12 cylinder models (V12), partially offset by the 8 cylinder models (V8) which posted a 3% decrease.

V12 strong performance was led by the GTC4Lusso, LaFerrari Aperta as well as the F12tdf, partially offset by the F12berlinetta, at its 6th year of commercialization, phasing-out while California T is at its 4th year of commercialization.

...Year-to-date, RACE has gained 32.02%, versus a 7.15% rise in the benchmark S&P 500 index during the same period.

RACE currently has a StockNews.com POWR Rating of A (Strong Buy) and is ranked #4 of 24 stocks in the Auto & Vehicle Manufacturers category.