Ferrari NV (NYSE:RACE) reported second-quarter FY23 sales growth of 14% year-on-year to $1.61 billion (€1.47 billion), beating the analyst consensus of $1.58 billion.
Car and spare parts revenue rose 15% Y/Y, and Engines decreased by 33%.
Adjusted EBITDA rose 31.9% Y/Y to €589 million, and the margin expanded 540 basis points Y/Y to 40%.
Net profit for the quarter increased 33% to €334 million.
Adjusted EPS of €1.83 rose 34% from €1.36 last year. EPS of $1.995 topped the consensus of $1.77.
Operating cash flow totaled €311 million with a €113 million free cash flow.
Benedetto Vigna, Ferrari CEO, said, “Deliveries reflected a rich product mix, while we continue to manage a very strong order book in all geographies.”
Outlook: Ferrari raised FY23 net revenue guidance from about €5.7 billion to about €5.8 billion.
It also raised FY23 adjusted EPS guidance from €6.00 – €6.20 to €6.25 – €6.40.
Price Action: RACE shares are trading lower by 0.84% at $314.96 on the last check Wednesday.
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