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Ferrari Reports Record Full-Year Results as 4Q Sags
Ferrari NV says its net revenue in 2015 grew 3% to €2.9 billion ($3.1 billion) as unit sales climbed 6% to 7,700 supercars.
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Ferrari NV says its net revenue in 2015 grew 3% to €2.9 billion ($3.1 billion) as unit sales climbed 6% to 7,700 supercars. But fourth-quarter results fell, prompting a drop in the company’s stock price.
Net profit for the year rose 9% to €290 million ($316 million). Pretax earnings climbed 6% to €473 million ($516 million).
The company’s shipments in the fourth quarter last year advanced 2% to about 2,000 units. But revenue slipped 1%, and net profit fell 30% to €55 million ($60 million).
Ferrari, which was spun off from Fiat Chrysler Automobiles NV in January, predicts its shipments this year will total about 7,900 cars, pushing revenue an unspecified amount above last year’s level.
But the company expects adjusted earning before interest, taxes, depreciation and amortization to grow only 3% to about €770 million this year, an improvement analysts say will be due entirely to favorable exchange rates.
The cautious forecast prompted a 10% drop in Ferrari’s share price on the New York Stock Exchange by midday Tuesday.
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