Ferrari Skids As Wartime Disruptions Hit Deliveries Ferrari shares fell as much as 3% in Milan after first-quarter results showed stronger-than-expected profit and cash flow, but the beat was overshadowed by a plunge in deliveries in the Middle East , as the U.S.-Iran conflict disrupted shipments to one of the luxury automaker's key markets. Ferrari's first-quarter results were broadly ahead of ex...
Ferrari Skids As Wartime Disruptions Hit Deliveries Ferrari shares fell as much as 3% in Milan after first-quarter results showed stronger-than-expected profit and cash flow, but the beat was overshadowed by a plunge in deliveries in the Middle East , as the U.S.-Iran conflict disrupted shipments to one of the luxury automaker's key markets. Ferrari's first-quarter results were broadly ahead of expectations on profit, revenue, and cash flow, but deliveries across EMEA , which includes Europe, the Middle East, and Africa, were the clear outlier. Regional shipments fell to 1,458 units , down 14% year over year and well below the Bloomberg consensus estimate of 1,651 , underscoring a wartime-disrupted supercar market. Here's a snapshot of the first quarter (courtesy of Bloomberg): Ebitda EU722 million, +4.2% y/y, estimate EU710 million (Bloomberg Consensus) Ebitda margin 39.1%, estimate 39.3% Ebit EU548 million, +1.1% y/y, estimate EU541.5 million Ebit margin 29.7% vs. 30.3% y/y, estimate 29.7% Net income EU413 million, +0.2% y/y, estimate EU405.7 million Industrial free cash flow EU653 million, estimate EU516.1 million Diluted EPS EU2.33 vs. EU2.30 y/y, estimate EU2.30 Revenue EU1.85 billion, +3.2% y/y, estimate EU1.82 billion Cars and spare parts revenue EU1.56 billion, +1.3% y/y, estimate EU1.54 billion Sponsorship, commercial and brand revenue EU218 million, +14% y/y, estimate EU203.9 million Other revenue EU74 million, +16% y/y, estimate EU70.6 million Deliveries 3,436, -4.4% y/y, estimate 3,520 EMEA deliveries 1,458 units, -14% y/y, estimate 1,651 (2 estimates) Americas Deliveries 1,030 units, +0.8% y/y, estimate 1,043 (2 estimates) Mainland China, Hong Kong and Taiwan 255 units, +7.6% y/y, estimate 253.18 (2 estimates) Rest of APAC deliveries 693 units, +9.5% y/y, estimate 630.23 (2 estimates) Ferrari confirmed its 2026 guidance, citing strong order-book visibility toward the end of next year. Goldman analyst Christian Frenes commented on the guidance, noting: 2...