Analyst Note
| Richard Hilgert |Wide-moat-rated Ferrari reported record first-quarter diluted EPS of EUR 1.29, EUR 0.18 better than the year-ago EPS and EUR 0.04 above the EUR 1.25 FactSet sell-side consensus. Record first-quarter revenue of EUR 1,186 million (beat consensus by 9 million) was 17% higher than the EUR 1,011 million reported last year as revenue from cars and spare parts as well as sponsorships and other increased 18% and 20%, respectively. Increased revenue was due to higher volume, improved mix and pricing, plus personalizations, partially offset by an 18% decline in engine revenue on reduced shipments to Maserati whose supply agreement ends in 2023.