Sports car maker Ferrari N.V (NYSE: RACE) reported higher earnings and revenues for the second quarter of 2019. There was an 8.4% growth in shipments. The company also reaffirmed its full-year 2019 guidance. The stock dropped about 2% during Friday’s premarket session.
The Italian automaker reported revenues of EUR 984 million, up 8.6% from last year. Revenues in cars and spare parts rose 14.4%, which was partially offset by a 35% fall in engine revenues. Shipments jumped 8.4% annually to 2,671 units. Shipments grew across all regions, except the Americas, during the quarter, marked by a 12.3% increase in sales of the 8-cylinder models.
Deliveries
The impressive performance was led by robust deliveries of the Ferrari Portofino and the 812 Superfast, which was partially offset by lower volume from the 488 family. The geographic mix shifted in favor of Mainland China, helped by the advancement of client deliveries ahead of the early introduction of new emission regulations.
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Earnings per share, both on an adjusted and non-adjusted basis, grew 13.9% to EUR 0.96. Net profit moved up 14% annually to EUR 184 million.
Outlook
The management also reaffirmed its full-year 2019 revenue guidance at EUR 3.5 billion. The outlook for adj. EBITDA and adj. EBIT has been confirmed at EUR 1.2-1.25 billion and EUR 0.85-0.9 billion, respectively.
The company continues to expect adjusted earnings in the range of EUR 3.50 per share to EUR 3.70 per share. Meanwhile, it revised up the guidance for industrial free cash flow to EUR 0.55 billion from the previous outlook of EUR 0.45 billion.
Shares of Ferrari traded lower during Friday’s premarket session, after closing the previous session higher. The stock gained about 65% since the beginning of the year.
