Ferrari Q2 Net Profit Increases, Net Revenues Up 24.9%; Raises Guidance

Ferrari N.V. (RACE) reported second quarter net profit of 251 million euros, up 21.6% from prior year. Earnings per share was 1.36 euros compared to 1.11 euros. EBITDA was 446 million euros, up 15.5% from previous year.

Net revenues were 1.29 billion euros, up 24.9% or 21.1% at constant currency. Revenues from Cars and spare parts were 1.10 billion euros, up 25.0% or 21.4% at constant
currency. Shipments totaled 3,455 units in second quarter, up 770 units or 28.7% from the prior year.

Looking forward, Ferrari N.V. revised 2022 guidance upward on all metrics. Adjusted earnings per share is now expected to be in a range of 4.80-4.90 euros, revised from prior guidance range of 4.55-4.75 euros. Net revenues are now expected to be approximately 4.9 billion euros, revised from prior guidance of approximately 4.8 billion euros.

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