RACE - Why Are Luxury Sports Car Maker Ferrari's Shares Driving Lower Today? | Benzinga
Ferrari N.V. (NYSE:RACE) shares are trading lower after the company reported a gloomy outlook.
The company reported first-quarter FY24 sales growth of 11% year-on-year to €1.585 billion, beating the analyst consensus estimate of €1.572 billion.
Cars and spare parts revenue rose 11.4% Y/Y, and Sponsorship, commercial and brand revenues increased by 11.6%. Total shipments remained flat at 3,560 units.
Adjusted EBITDA rose 12.7% Y/Y to €605 million, ...