Ferrari Q4 Net Profit Down, EBIT Up; Sees Higher Profit, Lower Margin In FY22

(RTTNews) - Italian luxury sports carmaker Ferrari N.V. (RACE) reported Wednesday that its fourth-quarter net profit declined 18 percent to 214 million euros from last year's 263 million euros.

Earnings per share were 1.16 euros, down from 1.41 euros a year ago.

The prior year's adjusted net profit was 188 million euros or 1.01 euros per share.

EBIT grew 6 percent from last year to 265 million euros, while EBIT margin dropped 90 basis points to 22.6 percent.

EBITDA was 398 million euros, up 7 percent, while EBITDA margin declined 80 basis points to 33.9 percent.

Net revenues grew 10 percent to 1.17 billion euros from last year's 1.07 billion euros.

Total shipments were 2,949 units in the quarter, up 10 percent from last year's 2,679 units.

Looking ahead for fiscal 2022, the company projects adjusted earnings per share of 4.55 euros to 4.75 euros, higher than last year's 4.50 euros.

Adjusted EBIT is expected to be 1.10 billion euros to 1.15 billion euros, higher than last year, while margin would be 23 percent to 24 percent, lower than last year's 25.2 percent.

Adjusted EBITDA would be 1.65 billion euros to 1.70 billion euros, higher than last year, while margin would be 34.5 percent to 35.5 percent, compared to 35.9 percent a year ago.

Net revenues would be around 4.8 billion euros, up from last year's 4.3 billion euros.