Ferrari Races To 2,685 Unit Shipments In Q2, Reiterates FY21 Outlook, Sees Higher Free Cash Flow - Ferrari (NYSE:RACE)

Ferrari NV RACE reported second-quarter FY21 net revenue growth of 81.3% year-on-year, to €1.04 billion, missing the analyst consensus by €10 million.
Revenues from Cars and spare parts rose 95.8% Y/Y to €881 million, and Engines increased 118% Y/Y to €45 million.
Total shipments of 2,685 units shot up 93.3% Y/Y, led by an 89% increase in the EMEA region.
Quarterly deliveries were driven by the F8 family and the 812 GTS together with the SF90 Stradale and the Ferrari Roma.
Selling, general, and administrative expenses increased by €4 million in the quarter.
EBITDA of €386 million more than tripled Y/Y, with a 1550 basis points improvement in EBITDA margin of 37.4%.
Adjusted EPS of €1.11 missed the consensus by €0.07.
Ferrari's net industrial debt was €552 million. Cash flow from operating activities totaled €261 million.
"This excellent second quarter confirms the strength of Ferrari and of its unique business model. With each Ferrari we unveil we are setting new benchmarks for innovation, beauty, and distinctiveness, which is the only true luxury," said CEO John Elkann.
Outlook: Ferrari raised the guidance for FY21 industrial free cash flow to about €450 million from the prior €350 million.
The company's outlook for 2021 is unchanged for net revenues of ~€4.3 billion, Adjusted EBITDA of €1.45 billion-€1.50 billion, and Adjusted EPS of €4.00-€4.20.
Price action: RACE shares are trading lower by 0.81% at $216.52 in premarket on the last check Monday.
Photo by Kenneth White from Pixabay

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