Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(4) for the first quarter ended March 31, 2020. The Company also revises its guidance for the full year 2020. This guidance reflects the projected impact of the Covid-19 pandemic which will primarily affect second quarter results and provides for a harsh reduction in Formula 1, brand and Maserati engines’ revenues and earnings. Furthermore, the range is predicated on ensuring a strong order book at year-end consistent with a key element of the Company’s growth model.
Shipments(5)(6)
Shipments totaled 2,738 units in the first quarter 2020, up 128 units or +4.9% vs. prior year. This achievement was driven by a 5.7% increase in sales of 8 cylinder models (V8) and a 2.4% increase of 12 cylinder models (V12). Volumes rose despite deliveries being suspended earlier than expected due to the Covid-19 pandemic. Robust deliveries for the 488 Pista and the 488 Pista Spider, along with the ramp up of the F8 Tributo, more than offset the 488 GTB and the 488 Spider which concluded their lifecycle in 2019. Deliveries of the Ferrari Monza SP1 and SP2 were mostly in line with our expectations.
EMEA(6) grew by +25.4%, Rest of APAC(6) increased by +23.2%, Americas(6) was up +4.2%, while Mainland China, Hong Kong and Taiwan posted lower shipments as a consequence of the deliberate anticipation of deliveries in 2019.
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SOURCE: Ferrari
