Ferrari's Disappointing Shipments, 2024 Guidance Overshadows 'Positive' Q1

Seekingalpha05-07

Ferrari shares are losing ground and are down more than 4% Tuesday as flat shipments and underwhelming 2024 guidance overshadowed above consensus results for Q1.The carmaker earned a profit of €1.95 ...

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Revenue of 1.58B .Ferrari shares slipped 2% in premarket trading.Total shipments of 3,560 units $1flat versus Q1 2023.Adjusted EBITDA of 605 million, up 12.7% versus prior year, with adjusted EBITDA margin of 38.2%.Industrial free cash flow generation of 321 million.","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RACE":"法拉利"},"translate_title":"法拉利令人失望的出货量，2024年的指导盖过了“积极的”Q1","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RACE":1.1},"content_text":"Ferrari shares are losing ground and are down more than 4% Tuesday as flat shipments and underwhelming 2024 guidance overshadowed above consensus results for Q1.The carmaker earned a profit of €1.95 per share which was up from €1.63 in the same quarter last year, beating the consensus estimate by €0.10. Revenue increased 11% to €1.585B. Adjusted EBITDA and adjusted net profit all improved from a year ago, leading CEO Benedetto Vigna to call the start of the year “very positive [as] revenue and profits recorded double-digit growth.” This was achieved through product mix and personalization of the vehicles.Shipments, however, failed to impress investors as the number of new supercars sent to Mainland China, Hong Kong, and Taiwan were down by 20%, offsetting a 3% increase in EMEA and 4% increase in the Americas. As a result, total shipments were unchanged year-over-year.For 2024, Ferrari (RACE) expects cost inflation to persist and kept its guidance unchanged despite what was characterized as a “positive” start to 2024 and constructive results for Q1. 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