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Ferrari Q1 profit climbs 54.0% YOY

Ferrari NV said its normalized net income for the first quarter was 57 euro cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS rose 53.3% year over year from 37 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €107.4 million, an increase of 54.0% from €69.7 million in the year-earlier period.

The normalized profit margin climbed to 13.1% from 10.3% in the year-earlier period.

Total revenue grew 21.5% on an annual basis to €820.6 million from €675.5 million, and total operating expenses grew 16.2% from the prior-year period to €644.4 million from €554.6 million.

Reported net income increased 59.2% year over year to €123.3 million, or 65 cents per share, from €77.5 million, or 41 cents per share.