Ferrari N V Stock Price, News & Analysis

Ferrari N.V. (NYSE/EXM: RACE) has announced a multiyear partnership with Asahi Europe & International, Ltd, set to commence on January 1, 2024. This agreement will see one of Asahi's non-alcoholic brands featured on Scuderia Ferrari F1 cars and those participating in the Ferrari Challenge. The partnership aims to enhance brand visibility and strengthen Ferrari's marketing initiatives within the racing community.

Ferrari N.V. has renewed its partnership with EssilorLuxottica, expanding their collaboration that began in 2016. Effective January 1, 2023, the new multi-year agreement allows EssilorLuxottica to design, produce, and market eyewear featuring the Scuderia Ferrari and Ray-Ban brands, including a monobrand eyewear line with the iconic Prancing Horse trademark.

The agreement also increases visibility for the Ray-Ban logo on Formula 1 cars and apparel worn by official drivers in Competizioni GT, enhancing brand exposure in motorsports.

Ferrari has appointed Fred Vasseur as the new Team Principal and General Manager of Scuderia Ferrari, effective January 9, 2023. Vasseur, with over 25 years of experience in motorsport, previously served as CEO and Team Principal of Sauber Motorsport and held a similar role at Renault F1 Team. Ferrari's CEO, Benedetto Vigna, expressed confidence in Vasseur's technical expertise and leadership skills, aiming to revitalize the team's performance. Vasseur has expressed his excitement to honor Ferrari's storied heritage and work with the talented Maranello team.

Ferrari has completed the first tranche of its €150 million share buyback program, purchasing a total of 6,978 common shares for €119.99 million on the Euronext Milan and 151,491 shares for USD 30 million on the NYSE. Overall, the total cost for this tranche is approximately €2 billion, with the company holding 11,835,481 shares in treasury, representing 4.60% of total issued capital. A second tranche of up to €200 million begins on December 2, 2022.

Ferrari N.V. (NYSE: RACE) has announced the resignation of Mattia Binotto as Scuderia Ferrari Team Principal, effective December 31, 2022. Binotto, who has spent 28 years with the company, expressed pride in his contributions and confidence in the team's future competitiveness. Benedetto Vigna, CEO of Ferrari, acknowledged Binotto's leadership in returning the team to a competitive stance. The search for a new Team Principal is currently underway, with plans to finalize the appointment in the new year.

Ferrari N.V. (RACE) reported strong preliminary results for Q3 2022, showing a 15.9% increase in total shipments to 3,188 units. Net revenues reached Euro 1,250 million, up 18.7% year-over-year. Key metrics included EBITDA of Euro 435 million (up 17.1%) and EBIT of Euro 299 million (up 10.5%). The net profit stood at Euro 228 million, with diluted EPS at Euro 1.23. Industrial free cash flow generation was noted at Euro 219 million.

Ferrari has revised its 2022 guidance upward, reflecting sustained demand with an order book largely sold out.