$RACE (+0.02%) | Ferrari Q3'24 Earnings Highlights:
🔹 Adj Diluted EPS: €2.08 (Est. €2.03) 🟢; UP +14% YoY
🔹 Revenue: €1.64B (Est. €1.64B) 🟡; UP +6.5% YoY
🔹 Adj EBITDA: €638M (Est. €633.8M) 🟢; UP +7% YoY
🔹 Industrial Free Cash Flow: €364M; UP +24% YoY
FY'24 Guidance:
🔸 Even More Confidence in FY Guidance
🔹 Revenue: Expected to exceed €6.55B
🔹 Adjusted EBIT: Expected at least €1.82B with margin above 27.5%
🔹 Adjusted Diluted EPS: Expected at least €7.90
🔹 Adjusted EBITDA: Expected to exceed €2.5B with margin of at least 38%
🔹 Industrial Free Cash Flow: Up to €0.95B
Q3 Operational Metrics:
🔹 Total Shipments: 3,383 units; DOWN -2% YoY
🔹 EMEA: 1,426 units; UP +2% YoY
🔹 Americas: 1,070 units; DOWN -2% YoY
🔹 Mainland China, Hong Kong, Taiwan: 281 units; DOWN -29% YoY
🔹 Rest of APAC: 606 units; UP +6% YoY
Revenue Breakdown:
🔹 Cars and Spare Parts: €1.4B; UP +5% YoY
🔹 Sponsorship, Commercial, and Brand: €174M; UP +20% YoY
🔹 Other: €70M; UP +2% YoY
Business Highlights:
🔸 Increased deliveries of high-demand models like the Ferrari Purosangue and 296 GTS, as well as the introduction of the SF90 XX Stradale and SF90 XX Spider
🔸 New Scorpio Smart Fabric Switches launched to expand AI connectivity infrastructure
🔸 Completed shutdown of Maranello’s gas-powered trigeneration plant ahead of the 2030 carbon neutrality goal
CEO Benedetto Vigna's Commentary:
🔸 "Ferrari continues to demonstrate strong results, supported by a rich product mix and high demand for personalizations. We have a clear path forward with innovative launches, including the F80 supercar, and progress on our sustainability goals, such as the early closure of our Maranello gas plant."
