Published on August 7th, 2016 | by Daniel Sherman Fernandez0
A Record Second Quarter, On the Way to Another Record Year
Ferrari N.V. (NYSE: RACE) recently announced its consolidated preliminary results for the second quarter and six months ended June 30, 2016.
Shipments totalled 2,214 units in Q2 2016, up 8% from the previous year. This performance was driven by a 16% increase in sales of our 8 cylinder models (V8), led by the success of the two newly launched models: the 488 GTB and the 488 Spider. Shipments of the 12 cylinder models (V12) were down 22% due to the phase-out of the FF, the F12berlinetta now in its 5th year of commercialisation and LaFerrari that finished its limited series run. This was partially offset by the introduction of the new F12tdf.
The EMEA (Europe, Middle East and Africa) and Greater China regions experienced a sound year-on-year growth with shipments increasing respectively by +14% and +26%, Americas recorded a slight improvement whereas Rest of APAC remained in line with the previous year due to 488 Spider and F12tdf having just arrived on the market.
Net revenues for Q2 2016 were Euro 811 million, an increase of Euro 45 million or 5.9% from Q2 2015.
Adjusted EBIT (earnings before interest and tax) was Euro 156 million, up Euro 32 million (+26%) from Q2 2015 as a result of higher volumes, thanks to the newly launched 488 GTB, 488 Spider and the F12tdf as well as a positive margin contribution from our personalization programs.
Adjusted EBIT excludes charges of Euro 10 million due to the worldwide Takata airbag inflator recalls.
As a result of the items described above, adjusted net profit for Q2 2016 was Euro 104 million, up Euro 26 million (+35%).