Why Ferrari's Profitability Surged in the Second Quarter

·6 min read
Why Ferrari's Profitability Surged in the Second Quarter

Ferrari (NYSE: RACE) said on Monday that its second-quarter operating profit rose nearly 15% from its result in the second quarter of 2019, before the COVID-19 pandemic, as it began shipments of a higher-priced new super sports car to eager buyers. On a per-share basis, Ferrari earned 1.11 euros ($1.32) in the second quarter, trouncing its 0.04 euro year-ago result and coming in ahead of the consensus Wall Street estimate of $1.20 as reported by Thomson Reuters. You might have noted that Ferrari's operating profit beat estimates, but its revenue fell a bit short of analysts' expectations.

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