Ferrari Earnings: Shipment and Pricing Growth Plus Margin Expansion Continue to Impress

Wide-moat-rated Ferrari posted first-quarter diluted earnings per share of EUR 1.62, a 26% increase over the prior year and EUR 0.14 above FactSet sell-side consensus. First-quarter consolidated revenue of EUR 1.429 billion (also beat consensus by 4%) increased 20%, driven by 23% growth in cars and spare parts revenue. Sales benefited from strong shipment growth and favorable pricing gains, partially offset by a 12% decline in engine revenue on reduced volume shipments to Maserati as contract expiration is this year. Excluding foreign currency translation, revenue improved 18% over the prior year.