Ferrari Shares Tumble Amid 'Best Ever Results,' But Concerning Outlook
Ferrari earned 0.28 Euro per share in the fourth quarter on revenue of 744 million Euros, while net profit for the quarter was 55 million Euros. Ferrari earned 0.41 Euros per share in the same quarter a year ago on revenue of 751 million Euro and recorded a net profit of 79 million Euros.
Ferrari shipped a total of 2,021 vehicles in the quarter, marking an increase from the 1,975 vehicles it shipped a year ago.
Ferrari added that its full fiscal year 2015 was its "best ever results." The company earned 1.52 Euros per share on revenue of 2.854 billion Euros and recorded a net profit of 290 million Euros. This compares favorably to the 1.38 Euros per share the company earned in 2014 on revenue of 2.762 billion Euros and a net profit of 265 million Euros.
Total shipments throughout 2015 rose to 7,664 from 7,255 a year ago.
Despite Ferrari's "best ever results," shares tumbled lower as the company issued a concerning outlook.
Ferrari expects its total shipments in the coming fiscal year to be around 7,900 units. Net revenue is projected to be greater than 2.9 billion Euro. The company also guided its adjusted EBITDA to be more than 770 million - a figure that falls short of the 800 million Euros analysts were expecting, according to Reuters.
Reuters, citing a trader, noted that Ferrari's fourth quarter numbers were "in line" but the company's 2016 guidance is "super conservative."
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