Ferrari Earnings: Solid Pricing/Mix Driving Healthy Top-Line Growth

Wide-moat-rated Ferrari's first-quarter consolidated revenue of EUR 1.6 billion increased 13% (excluding foreign exchange), as cars and spare parts revenue rose 14%, while sponsorship, commercial and brand revenue increased 12% (higher sponsorships, partly offset by a lower 2023 Formula 1 ranking). Other revenue, which includes the engine business, was flat for the quarter as financial services activities offset a lower contribution from the expired Maserati contract. Favorable pricing and mix (product and country) drove revenue gains, which handily outpaced flattish volume trends.