Sound Core Business Growth in q1 2020, GUIDANCE REVISED TO REFLECT PRESENT CONSTRAINTS AND UNCERTAINTIES
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.
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