Ferrari Slows Down, Q3 Shipment Drop Hits the Brakes On Stock Growth

Ferrari N.V. (NYSE:RACE) stock declined after the company reported its third-quarter print and guidance.

The company reported fiscal third-quarter 2024 sales growth of 6.5% year-on-year to 1.644 billion euros, beating the analyst consensus estimate of 1.639 billion euros.

Adjusted EPS of 2.08 euros beat the consensus estimate of 1.99 euros.

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Revenue from cars and spare parts rose 5.2% year over year, and Sponsorship, commercial, and brand revenues increased by 20.4%. Total shipments declined by 2% year over year to 3,383 units.

Adjusted EBITDA rose 7% Y/Y to 638 million ...