Ferrari 2019 Q2: clockwork earnings
The stars in the portfolio remain the Portofino and the 812 Superfast. Production of the 488 GTB and Spider is reaching its end ahead of the ramp of the F8 Tributo.
The revenues split illustrates the growth of the car business, the constant erosision of engine sales to Maserati (-33% year over year), and the robustiness of sponsoring revenues.
Ferrari reconfirms its guidance for 2019, with revenues in excess of 3.5 billion euros and an operational margin 24.5%. On the Milan stock exchange, Ferrari shares were dropping 4.2% at 143.25€ following the release of these results. The market cap of Ferrari is 27.48 billion euros, representing a multiple of 34.6 on current earnings.
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