Ferrari Posts Mixed 3Q Results; Management Confirms Guidance; EUR 62 FVE Maintained
Wide-moat-rated Ferrari, Formula 1 racer and maker of ultra-luxury and exotic sports cars, reported earnings per share before special items, or EPS, of EUR 0.77, missing the sell-side consensus of EUR 0.97 by EUR 0.20 but EUR 0.03 above the year-ago EPS result. Revenue was nearly flat, increasing just 0.3% to EUR 838 million while EBITDA rose 4.7% to EUR 278 million with a 40 basis point margin expansion to a healthy 33.2% versus the prior year, respectively. Excluding negative currency translat...
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