If on the track the Formula 1 World Championship seems to be moving away once again, good news is coming for Ferrari on the financial front. The Prancing Horse, a few days after the farewell to its last president Sergio Marchionne (already replaced by John Elkann, with Louis Carey Camilleri managing director), closed the second quarter 2018 with revenues slightly below expectations, while margin and profit beat the consensus. In detail, revenues decreased by 1,5% to 906 million (924 million the consensus), however growing by 1,4% at constant exchange rates. Ebitda, on the other hand, increased by 7,8% to 291 million (287 million the consensus) with a further improvement in margins to 32,1% (+280 basis points), while Ebit grew by 7,9% to 218 million (212 million the consensus) with a roe of 24,1% (+210 points basis). The quarter closed with a jump in net profit of 17,6% to 160 million (152 million the consensus) and a net industrial debt of 472 million, compared to 413 million as at 30 March 2018. The 2018 outlook confirmed. One hour from today's closure of Piazza Affari, the stock is at + 0,13%.
As for the budget 2018 semester, Ferrari reported a net profit of 309 million euros, up 18,1% over the same period a year ago. Revenues for the last half-year under the guidance of Sergio Marchionne, president and CEO of Ferrari who died on 25 July last, amounted to 1,737 billion euros, almost stable compared to a year ago (-0,3%). Car deliveries rose 6% to 4.591 units. Ebitda grew by 10% to 563 million euros, ebit by 13% to 428 million, when at adjusted level ebitda was 562 million (+10%) and ebit by 427 million (+ 13%). Basic earnings per share amounted to €1,63, up 19% compared to the first half of 2017, with diluted earnings per share at €1,62 (+18%).
With a note, the president John Elkann ensures continuity on the path already traced by Sergio Marchionne. In this regard it reads: "We are saddened by the loss of Sergio Marchionne and our thoughts go out to his loved ones. The company confirms its commitment to pursuing the values he embodies and to realizing his vision with unchanged determination, ambition and passion, in the wake of Enzo Ferrari's legacy”.
During the conference call, the CEO Louis Camilleri talks about "ambitious" targets referring to the 2022 plan and the stock collapses: -8,4%.
Updated at 18:26 Wednesday, August 1st
