Sound Core Business Growth in q1 2020, GUIDANCE REVISED TO REFLECT PRESENT CONSTRAINTS AND UNCERTAINTIES
May 04 2020 - 7:07AM
Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today
announces its consolidated preliminary results mfor the first
quarter ended March 31, 2020. The Company also revises its guidance
for the full year 2020. This guidance reflects the projected impact
of the Covid-19 pandemic which will primarily affect second quarter
results and provides for a harsh reduction in Formula 1, brand and
Maserati engines’ revenues and earnings. Furthermore, the range is
predicated on ensuring a strong order book at year-end consistent
with a key element of the Company’s growth model.
Main Q1 results are summarized below:
- Total shipments of 2,738 units, up +4.9%
- Net revenues of Euro 932 million, almost in line with prior
year despite lower F1 and other revenues
- Adj. EBITDA of Euro 317 million, up +1.9% with an Adj. EBITDA
margin of 34.0%
- Adj. EBIT lower than the prior year, embedding higher
D&A
- Industrial free cash flow generation of Euro 73 million
For more information please refer to the press
release attached.
- 2020_05_04 - Ferrari Q1 2020 Results Press Release
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