Analyst Note
| Richard Hilgert |Wide-moat-rated Ferrari, Formula 1 racer and maker of ultraluxury and exotic sports cars, reported second-quarter diluted earnings per share of EUR 1.11, EUR 0.05 better than the EUR 1.06 FactSet consensus and up EUR 1.06 from the COVID-19-affected year-ago result. Second-quarter revenue jumped 81% to EUR 1.035 billion from EUR 571 million reported last year and 5% higher versus the second quarter of 2019. Unit volume skyrocketed 93% to 2,685 from 1,389 last year, with China sales exploding 564% after being hit by COVID-19 and stricter emissions regulations a year ago. Second-quarter adjusted EBITDA was EUR 386 million for a margin of 37.4%, up substantially from EUR 124 million and 21.9% margin last year, but also increasing from the EUR 314 million and 32.0% margin reported in the second quarter of 2019.