Ferrari drives home record quarterly revenues, revises guidance for 2022

Ferrari announced record quarterly revenues and revised the guidance for 2022 putting the stock in high gear.

Ferrari drives home record quarterly revenues, revises guidance for 2022
2022 guidance by Ferrari management has been revised upward on all metrics.

Ferrari N.V. (RACE) listed on NYSE is turning the corners. After a slide down of nearly 17 per cent since January, the investors may now have something to cheer about. RACE stock price moved 2.15 per cent higher yesterday and settled at $215.70. Ferrari announced record quarterly revenues and revised the guidance for 2022 putting the stock in high gear.

For the company, total shipments were 3,455 units, up 28.7% versus Q2 2021. The net revenues of Euro 1,291 million were up 24.9% versus the prior year. The company generated an industrial free cash flow of Euro 79 million, implying the best ever Q2 in terms of operating performance before taxes.

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2022 guidance by Ferrari management has been revised upward on all metrics based on the following assumptions:

Carefully leveraging strong demand

Richer model mix being more than offset by the negative impact from the Ferrari Monza SP1 and SP2 phase out

Ferrari Daytona SP3 and Ferrari Purosangue will commence production in 2022 with deliveries starting in 2023

Formula 1 revenues reflecting more diversified but lower sponsorship, partially offset by better prior year ranking

Increasing depreciation and amortization in line with the start of production of new models

Industrial free cash flow generation sustained by Daytona SP3 advances collection

Disciplined capital expenditures to fuel long term development

Subject to trading conditions unaffected by Covid-19 pandemic restrictions.

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On June 16, 2022 Ferrari hosted its Capital Markets Day to present the 2022-2026 strategic plan and the actions it is taking to embrace the opportunities ahead.

Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history.

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