Ferrari Q3 Earnings Races Past Street View, Lifts FY21 EPS Outlook - Ferrari (NYSE:RACE)

Ferrari NV RACE reported third-quarter FY21 sales growth of 18.6% year-on-year, to €1.1 billion or $1.24 billion, beating the analyst consensus of $1.08 billion.
Total shipments of 2,750 units improved 18.9% from last year and 11.2% versus Q3 2019.
Car and spare parts revenue rose 24% Y/Y at constant currency, and Engines increased 25%.
Adjusted EBITDA rose 12% Y/Y to €371 million, and the margin contracted 200 basis points Y/Y to 35.2%.
Adjusted EPS of €1.11 or $1.31 beat the analyst consensus of $1.02.
Cash flow from operating activities totaled €392 million with a €203 million free cash flow. Net Industrial Debt as of September 30, 2021, was €368 million.
Outlook: Ferrari sees FY21 revenue of €4.3 billion. The company expects an EPS of about €4.30 (prior view €4.00-€4.20).
Price Action: RACE shares are trading higher by 2.90% at $246.7 on the last check Tuesday.