Q1 2022: ANOTHER STRONG START

Rhea-AI Summary

Ferrari N.V. (RACE) reported strong preliminary results for Q1 2022, with total shipments increasing by 17.3% to 3,251 units. Net revenues reached Euro 1,186 million, also up 17.3% year-over-year. EBITDA stood at Euro 423 million (up 12.5%) with a margin of 35.6%. EBIT rose to Euro 307 million, marking a 15.4% increase, while net profit hit Euro 239 million with diluted EPS at Euro 1.29. The company generated Euro 299 million in industrial free cash flow, bolstered by strong order intake, securing sales well into 2023.

Positive

• Total shipments increased by 17.3% to 3,251 units.
• Net revenues rose to Euro 1,186 million, up 17.3% year-over-year.
• EBITDA of Euro 423 million, a 12.5% increase, with a margin of 35.6%.
• EBIT reached Euro 307 million, up 15.4%, with a margin of 25.9%.
• Net profit of Euro 239 million and diluted EPS of Euro 1.29.
• Exceptional industrial free cash flow generation of Euro 299 million.

Negative

• None.

Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results for the first quarter ended March 31, 2022.

• • • • Total shipments of 3,251 units, up 17.3% versus Q1 2021
• Net revenues of Euro 1,186 million, up 17.3% versus prior year
• EBITDA of Euro 423 million, up 12.5% versus prior year. EBITDA margin of 35.6%.
• EBIT of Euro 307 million, up 15.4% versus prior year. EBIT margin of 25.9%.
• Net profit of Euro 239 million and diluted EPS at Euro 1.29
• Exceptional industrial free cash flow generation of Euro 299 million

“In the start of the year we recorded excellent results, with a double-digit growth on the main financial indicators. The first quarter was characterized by a record level of revenues, EBITDA and industrial free cash flow, which almost doubled to approximately Euro 300 million thanks in particular to the collection of advances on the Daytona SP3. Margins in the quarter were in line with our guidance”, stated the CEO of Ferrari, Benedetto Vigna. “These results were sustained by a strong net order intake, which continued firmly over the first three months of the year: today the order book already covers well into 2023 and most of our models are sold out. Despite 2022 has been marked by several uncertainties in the geopolitical scenario, I therefore remain optimistic about the future prospect of the Company that we will present soon at the Capital Markets Day”.

Attachment

• 2022_05_04 - Ferrari Q1 2022 Results Press Release

FAQ

What were Ferrari's Q1 2022 total shipments?

Ferrari reported total shipments of 3,251 units in Q1 2022, an increase of 17.3% compared to Q1 2021.

How much did Ferrari's net revenues grow in Q1 2022?

Ferrari's net revenues for Q1 2022 reached Euro 1,186 million, up 17.3% year-over-year.

What was Ferrari's EBITDA for Q1 2022?

Ferrari's EBITDA in Q1 2022 was Euro 423 million, reflecting a 12.5% increase from the previous year.

How did Ferrari perform in terms of net profit for Q1 2022?

Ferrari reported a net profit of Euro 239 million in Q1 2022.

What is Ferrari's outlook following Q1 2022 results?

Despite geopolitical uncertainties, Ferrari's CEO expressed optimism about the company's future prospects, citing a strong order book.