RACE - Ferrari N.V. (RACE) Q1 2024 Earnings Call Transcript
2024-05-07 14:06:12 ET
Ferrari N.V. (RACE)
Q1 2024 Earnings Conference Call
May 07, 2024 09:00 AM ET
Company Participants
Nicoletta Russo - Head of Investor Relations
Benedetto Vigna - Chief Executive Officer
Antonio Picca Piccon - Chief Financial Officer
Conference Call Participants
George Galliers - Goldman Sachs
John Murphy - Bank of America
Tom Narayan - RBC Capital Markets
Monica Bosio - Intesa SanPaolo
Adam Jonas - Morgan Stanley
Michael Binetti - Evercore ISI
Stephen Reitman - Bernstein SG
Anthony Dick - ODDO BHF
Martino de Ambroggi - Equita
Gianluca Bertuzzo - Intermonte SIM
Thomas Besson - Kepler Cheuvreux
Gabriele Gambarova - Banca Akros
Henning Cosman - Barclays
Presentation
Operator
Good day and thank you for standing by. Welcome to the Ferrari 2024 Q1 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.
Nicoletta Russo
Thank you, Sandra, and welcome to everyone, who is joining us. Today, we plan to cover the Group's Q1 2024 operating results and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website and at the end-of-the presentation, we will be available to answer your questions.
Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe-Harbor statement included on Page 2 of today's presentation and the call will be covered by this language.
With that said, I'd like to turn the call over to Benedetto.
Benedetto Vigna
Gracious, Nicoletta, and thank you everyone for joining us today. I just came back from Miami, where I spent one week together with our clients, the fans, the sponsors, including HP, our new title sponsor and all brand enthusiasts, you should have been there with me and all Ferrari colleagues, you would have been experiencing the brand power of the prancing horse. Indeed, for the first time in our history, [Technical Difficulty] company racing, sport cars, and lifestyles have been working in unison together to provide all the people in Miami a truly unique experience.
But before sharing with you more detail about this fantastic event, I would like to thank our Ferrari colleagues for their outstanding work and dedication, our clients for their loyalty to our brand and all our partners, suppliers, dealers and sponsors. Without their tireless effort and dedication, the strong results we present today would not have been possible. So let's start with the financial results of the first quarter. We can say that is a strong start to the year with double-digit growth on key metrics. Thanks to an even more robust product mix and a strong trend in personalization.
Three are the key highlights. One, total revenues reached approximately Euro 1.6 billion with flat deliveries. This once again pays testament to our strategy of value-over-volume. Two, we enjoyed strong profitability with EBITDA at Euro 605 million and three, industrial free-cash flow generation reached more than Euro 320 million in the quarter. The order book on our current models continues to be very strong with a normalization in-line with our expectation with almost all models substantially sold-out. And in the last week, we opened the order book for Dodici Cilindri Coupe and Spider. For the first time for our range models, we unveiled the Coupe and Spider together because we want to leave the freedom of selection to our clients....
Ferrari N.V. (RACE) Q1 2024 Earnings Call Transcript