Recession-proof Ferrari sets quarterly record for orders

Aug. 02, 2022 10:09 AM ETFerrari N.V. (RACE)By: Clark Schultz, SA News Editor12 Comments

Sports Car

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Ferrari N.V. (NYSE:RACE) raised full-year guidance after reporting record results for Q2 and cruising past the consensus expectations. Despite the global economic downturn, demand for Ferrari's high-priced sports and grand touring cars is strong. Of note, all geographic regions positively contributed in the quarter.

The automaker posted revenue and shipments growth of over 20% from a year ago and disclosed that its net order intake also hit a record level in the quarter. Strong demand for the V8-powered Portofino M convertible and F8 mid-engine sports car was noted.

Shipments were up 29% to 3,455 vehicles led by a 62% jump in the Americas to 1,053 vehicles. EBITDA margin was 34.6% vs. 34.8% a year ago despite the inflation headwinds. Ferrari (RACE) benefited from the strong U.S. dollar during the quarter vs. the yuan and U.S. dollar.

Shares of Ferrari (RACE) dipped 0.10% following the solid print after gaining 4% in the week front of the report.

Morgan Stanley backed RACE as its favorite auto stock following the Q2 earnings topper.

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