STRONG FIRST QUARTER RESULTS AND RECORD ORDER BOOK
DECISIVE MANAGEMENT OF COVID-19 PANDEMIC IMPACTS
Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results for the first quarter ended March 31, 2021:
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- Total shipments of 2,771 units, slightly up versus prior year
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- Net revenues of Euro 1,011 million, up by 8.5%
- EBITDA of Euro 376 million, up 18.6% versus prior year, with an EBITDA margin of 37.2%
- EBIT of Euro 266 million, up 20.9% versus prior year, with an EBIT margin of 26.3%
- Net profit of Euro 206 million and diluted EPS at Euro 1.11
- Sound industrial free cash flow generation of Euro 147 million
- Confident to reach top end of the 2021 guidance range on the back of excellent results, robust net order intake as well as record order book as at the end of Q1 2021
- 2022 financial targets postponed by one year due to Covid-19
Commenting on the results and the outlook, Chairman and Acting CEO John Elkann said: “This strong start augurs well for the rest of 2021 and is testimony to the resilience of our business model as well as the extraordinary work of the women and men of Ferrari. Looking ahead, we expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the Covid-19 emergency, will postpone by one year the achievement of our year-end 2022 guidance. However, the robustness of our order book and the wonderful new models we will launch in the coming years provide a strong base on which to build our ambitious future.”
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