Welcome to our dedicated page for Ferrari N.V. news (Ticker: RACE), a resource for investors and traders seeking the latest updates and insights on Ferrari N.V. stock.
Ferrari N.V. (symbol: RACE) is an iconic Italian luxury sports car manufacturer headquartered in Maranello, Italy. Founded in 1939 by Enzo Ferrari from the Alfa Romeo racing division as Auto Avio Costruzioni, Ferrari has since become synonymous with high-performance vehicles, Formula One racing, exclusivity, and cutting-edge technology. The first Ferrari-badged car was introduced in 1947, marking the start of a legacy that continues to captivate car enthusiasts worldwide.
Ferrari engineers and manufactures some of the world's most exclusive and expensive exotic sports cars. The company is celebrated for its Italian design, innovative engineering, and state-of-the-art technology. Ferrari's commitment to excellence is evident in its continuous participation and success in Formula One racing, where it has established itself as a dominant force.
In addition to its automotive prowess, Ferrari operates a captive finance company that provides funding for its dealers and clients, enhancing the purchasing experience for its exclusive clientele. The company's financial performance is robust, with 2023 revenue distribution as follows: Europe, Middle East, and Africa accounted for 48%, the Americas contributed 30%, China represented 10%, and the rest of Asia made up 12%.
Recent Achievements and Current Projects:
- Record 2023 results have further solidified Ferrari's foundation for continuous growth.
- A robust mix of products has sustained a strong start to the year with impressive adjusted EBITDA and EBIT figures.
- Ferrari successfully settled an offering of Euro 500 million in aggregate principal amount of notes, due on 21 May 2030, with net proceeds of approximately Euro 497 million.
For more detailed information, you can contact Ferrari's media relations at media@ferrari.com or investor relations at ir@ferrari.com.
As a stock market investor or an enthusiast looking for the latest updates and relevant information about Ferrari N.V. (RACE), stay informed about the company’s performance, events, and developments to make well-informed decisions.
Ferrari N.V. held its Annual General Meeting on April 14, 2023, in Amsterdam, where all resolutions proposed to shareholders were approved. Notably, shareholders sanctioned the 2022 Annual Accounts and a cash dividend of €1.810 per outstanding common share, totaling approximately €329 million, with the ex-dividend date set for April 24 and payment scheduled for May 5. The meeting also confirmed the election of directors, including John Elkann and Benedetto Vigna as executive directors.
The Board of Directors received renewed authority for share issuance and repurchase, allowing for up to 10% of outstanding shares. Concurrently, Ferrari published its 2022 Sustainability Report in line with GRI Standards and TCFD recommendations, a move emphasizing transparency around governance, environmental, and social issues.
Ferrari N.V. (NYSE: RACE) announced that it will release its financial results for the first quarter of 2023 on May 4, 2023. A live audio webcast and conference call will take place at 2:00 p.m. BST / 3:00 p.m. CEST / 9:00 a.m. EDT. Interested investors can find access details in the Investors section of Ferrari's corporate website, which requires prior registration. A replay of the conference call will be available for two weeks after the event.
Ferrari N.V. (NYSE/EXM: RACE) announced a buyback of Euro 200 million as part of a larger Euro 2 billion program set to conclude by 2026. This is the second tranche of the program as disclosed during the Capital Markets Day 2022. From March 20 to March 24, 2023, Ferrari purchased a total of 22,445 ordinary shares on the Milan Euronext at an average price of €246.57 per share, totaling approximately €5.53 million. To date, the company owns 12.27 million shares, representing 4.78% of its total capital. Overall, since July 1, 2022, Ferrari has repurchased 1.3 million shares for about €270.28 million.
On March 20, 2023, Ferrari N.V. (NYSE: RACE) reported a ransom demand from a threat actor concerning client contact details. In response, Ferrari initiated an investigation with a leading cybersecurity firm and notified authorities. The company emphasized that it will not pay the ransom, as this would support criminal activities. Ferrari has informed customers about the potential data exposure while affirming that the incident has not affected its operational functions. The firm reaffirms its commitment to client confidentiality and is working to enhance its cybersecurity measures further.
Ferrari N.V. (NYSE/EXM: RACE) has announced the agenda and explanatory notes for its 2023 Annual General Meeting of Shareholders (AGM), scheduled for April 14, 2023, in Amsterdam at 9:00 a.m. CEST. Shareholders can access AGM materials on Ferrari’s corporate website. The prepared materials include audited financial statements, which shareholders can request in hard copy at no charge. This AGM is key for shareholders to engage in discussions regarding Ferrari's performance and future direction.
Ferrari N.V. (NYSE: RACE) has announced a multi-year partnership with Virtual Gaming Worlds (VGW), starting at the first Formula 1 Grand Prix in Bahrain from March 3-5, 2023. VGW will serve as a Premium Partner of Scuderia Ferrari, enhancing the team's engagement with fans through innovative gaming experiences. Lorenzo Giorgetti, Ferrari's Chief Racing Revenue Officer, expressed enthusiasm for the collaboration, highlighting the shared values of innovation and passion. VGW's CEO, Laurence Escalante, noted the significance of Ferrari as an iconic brand in motorsport, recognizing F1's growing popularity, particularly in the US.
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