Ferrari Q2 Results Set Records, 2022 Guidance Raised; FVE Raised to EUR 166

Wide-moat-rated Ferrari reported record second-quarter diluted earnings per share of EUR 1.36, EUR 0.18 better than a year ago and EUR 0.12 above the EUR 1.24 FactSet sell-side consensus. Record second-quarter revenue of EUR 1,291 million (beat consensus by 75 million) was 25% higher than the EUR 1,034 million reported last year as revenue from cars and spare parts and from sponsorships increased 25% and 29%, respectively. Increased revenue was due to higher volume, improved mix and pricing, favorable currency, and personalizations, partially offset by a 9% decline in engine revenue on reduced shipments to Maserati whose supply agreement ends in 2023.