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Ferrari N.V. (NYSE/EXM: RACE) announced updates on its Euro 350 million share buyback program, part of a larger Euro 2 billion buyback initiative expected to conclude by 2026. Between May 13 and May 17, 2024, Ferrari purchased 56,176 shares: 19,346 on Euronext Milan (EXM) and 36,830 on the New York Stock Exchange (NYSE), for a total consideration of Euro 21,669,590.11. Since the start of the Fourth Tranche, Ferrari has bought 593,235 shares on EXM for Euro 208,468,400.36 and 177,331 shares on NYSE for USD 69,890,582.49 (approximately Euro 64,283,882.61). As of May 17, 2024, Ferrari holds 13,964,143 treasury shares, equating to 5.43% of its total issued share capital.
On 14 May 2024, Ferrari announced the pricing of a €500 million issue of notes due in May 2030, which was more than twice oversubscribed. The notes are priced at 99.677% of their principal amount and carry an annual coupon of 3.625%. The funds raised will be used for general corporate purposes. Banco Santander, BNP Paribas, Citigroup, Crédit Agricole, J.P. Morgan, Mediobanca, and UniCredit acted as Joint Lead Managers. The notes are expected to be admitted to the Official List of Euronext Dublin and to trade on its regulated market by 21 May 2024.
Ferrari N.V. informs about the Fourth Tranche of its Euro 2 billion share buyback program, reporting the purchase of common shares on the Euronext Milan and NYSE. Since July 2022, the company has acquired over 3 million own common shares for approximately Euro 823 million. As of May 10, 2024, Ferrari holds 5.41% of the total issued share capital.
Ferrari N.V. announced the offering of unsecured debt securities (Notes) to be used for general corporate purposes. The Notes will be offered under Regulation S, not registered in the U.S., and targeted at specific investor groups. The press release is not an offer for U.S. residents.
Ferrari N.V. reported a strong start to the year with net revenues of Euro 1,585 million, a 10.9% increase from the prior year. Adjusted EBIT reached Euro 442 million, up 14.8%. Adjusted net profit was Euro 352 million, and adjusted diluted EPS stood at Euro 1.95. Industrial free cash flow generation was Euro 321 million. The company's value over volume strategy proved successful, driven by product and country mix improvements. The company confirmed its 2024 guidance, including positive product and country mix, strong personalizations, and continuous brand investments.
Ferrari N.V. informs about the purchase of common shares under the Euro 350 million share buyback program, part of a larger program aiming for approximately Euro 2 billion by 2026. The company has bought back a total of 11,525 shares for about Euro 4.55 million. Since the start of the program in July 2022, 3,061,242 own common shares have been repurchased for a total consideration of Euro 815.19 million.
Ferrari N.V. has been actively engaged in a share buyback program, with the recent purchase of common shares totaling around Euro 9 million. This is part of a larger program aiming to buy back approximately Euro 2 billion worth of shares by 2026. The company has already purchased over 3 million of its own common shares since the initiation of the program in 2022. As of April 29, 2024, Ferrari holds around 5.40% of its total issued share capital in treasury.
