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. has renewed its partnership with EssilorLuxottica, expanding their collaboration that began in 2016. Effective January 1, 2023, the new multi-year agreement allows EssilorLuxottica to design, produce, and market eyewear featuring the Scuderia Ferrari and Ray-Ban brands, including a monobrand eyewear line with the iconic Prancing Horse trademark.
The agreement also increases visibility for the Ray-Ban logo on Formula 1 cars and apparel worn by official drivers in Competizioni GT, enhancing brand exposure in motorsports.
Ferrari has appointed Fred Vasseur as the new Team Principal and General Manager of Scuderia Ferrari, effective January 9, 2023. Vasseur, with over 25 years of experience in motorsport, previously served as CEO and Team Principal of Sauber Motorsport and held a similar role at Renault F1 Team. Ferrari's CEO, Benedetto Vigna, expressed confidence in Vasseur's technical expertise and leadership skills, aiming to revitalize the team's performance. Vasseur has expressed his excitement to honor Ferrari's storied heritage and work with the talented Maranello team.
Ferrari has completed the first tranche of its €150 million share buyback program, purchasing a total of 6,978 common shares for €119.99 million on the Euronext Milan and 151,491 shares for USD 30 million on the NYSE. Overall, the total cost for this tranche is approximately €2 billion, with the company holding 11,835,481 shares in treasury, representing 4.60% of total issued capital. A second tranche of up to €200 million begins on December 2, 2022.
Ferrari N.V. (NYSE: RACE) has announced the resignation of Mattia Binotto as Scuderia Ferrari Team Principal, effective December 31, 2022. Binotto, who has spent 28 years with the company, expressed pride in his contributions and confidence in the team's future competitiveness. Benedetto Vigna, CEO of Ferrari, acknowledged Binotto's leadership in returning the team to a competitive stance. The search for a new Team Principal is currently underway, with plans to finalize the appointment in the new year.
Ferrari N.V. (RACE) reported strong preliminary results for Q3 2022, showing a 15.9% increase in total shipments to 3,188 units. Net revenues reached Euro 1,250 million, up 18.7% year-over-year. Key metrics included EBITDA of Euro 435 million (up 17.1%) and EBIT of Euro 299 million (up 10.5%). The net profit stood at Euro 228 million, with diluted EPS at Euro 1.23. Industrial free cash flow generation was noted at Euro 219 million.
Ferrari has revised its 2022 guidance upward, reflecting sustained demand with an order book largely sold out.
Ferrari (NYSE: RACE) will release its Q3 2022 financial results on November 2, 2022. A live audio webcast and conference call will take place at 2:00 p.m. GMT / 3:00 p.m. CET / 10:00 a.m. EDT on the same day. Registration in advance is required for access. For those unable to attend, a replay will be available for two weeks on Ferrari’s corporate website.
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