Ferrari Q3 Results Set Records Again, 2022 Guidance Tweaked; FVE Raised to EUR 174

Wide-moat-rated Ferrari reported record third-quarter diluted earnings per share of EUR 1.23, EUR 0.12 better than a year ago and EUR 0.06 above the EUR 1.17 FactSet sell-side consensus. Record third-quarter revenue of EUR 1,250 million (also beat consensus by 5%) was 19% higher than last year as cars and spare parts and sponsorship revenue increased 20% and 29%, respectively. Increased revenue was due to higher volume and favorable currency, partially offset by a 25% decline in engine revenue on reduced shipments to Maserati whose supply agreement ends in 2023.