Sports car maker Ferrari N.V (NYSE: RACE) reported a 13% dip in earnings for the fourth quarter of 2019 due to higher costs and expenses. The top line increased by 10% driven by double-digit growth in cars and spare parts as well as sponsorship, commercial and brand despite a shortfall in engines.
Net profit dropped by 13% to EUR166 million or EUR0.90 per share. Adjusted earnings fell by 10% to EUR0.90 per share. Net revenue grew by 10% to EUR927 million. Total shipments decreased by 1% year-over-year to 2,376 units.
Looking ahead into fiscal 2020, the company lifted its net revenue outlook to EUR4.1 billion from the previous estimate of EUR3.8 billion and adjusted EPS guidance to the range of EUR3.90-3.95 from the prior forecast of about EUR3.40. Adjusted EBITDA is now expected to be in the range of EUR1.38-1.43 billion compared to the previous outlook of EUR1.3 billion.
For the year 2019, the company’s shipments increased by 9.5% driven by higher sales of 8 cylinder models (V8) and a rise of 12 cylinder models (V12). Robust deliveries of the Ferrari Portofino and the 812 Superfast, along with the first deliveries of the F8 Tributo, the Ferrari Monza SP1 and SP2, were partially offset by lower volumes from the 488 family, with the 488 GTB and the 488 Spider concluding their lifecycle, partially compensated by the 488 Pista and the 488 Pista Spider.
Net revenue for the year rose by 10.1% helped by a volume increase of the 488 Pista and 488 Pista Spider, the Ferrari Portofino, the 812 Superfast and the initial deliveries of the F8 Tributo. This was supported by a positive contribution from the Ferrari Monza SP1 and SP2 as well as by personalization programs.
Read: Tesla Q4 earnings review
Industrial free cash flow for the year ended 2019 was EUR675 million mainly driven by adjusted EBITDA and the positive impact on working capital generated by the collection of advances on the Ferrari Monza SP1 and SP2. This was partially offset by capital expenditures of EUR706 million, financial charges and income taxes.
Net industrial debt as of December 31, 2019, was EUR337 million, down from EUR370 million in the previous year. During 2019, a total worth of EUR387 million of share repurchases and EUR194 million dividend distribution were accomplished.
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus
Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000