Ferrari has recently reported its first quarter reports for 2018 which recorded an earnings beat and positive sales figures. During the quarter, the carmaker indicated a 19% rise for its quarter profits which recorded 149 million euros ($178 million). The sales data supported the rise as well.
The automaker’s financial report indicated a record a 272 million euros ($326 million) for its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the quarter. Meanwhile, the company’s profit margins added 32.8 percent from 29.5 percent as well.
Ferrari N.V. is an Italian luxury sports car manufacturer based in Maranello.
Also, the net industrial debt saw a decline of 413 million euros during the period, from 473 million euros of the prior quarter.
Furthermore, the company’s global deliveries in the first quarter experienced a 6.2 percent upsurge to 2,128. This was supported by the demand in where it had a 24 percent increase in sales of V-12 models.
Lastly, the sales figures of V-8 models were consistent during the said period, Ferrari stated in reports.
Shares of Ferrari reached new highs as the positive figures from the recent earnings report boosted investor’s confidence after the release. From the recent performance, the stock managed to add 2.23% more which is a 3.06 addition. The latest candle opened trades at 139.36 and may close at 140.39 with a high of 141.56 and a low of 139.17.
Since the earnings release, Ferrari became overbought. The relative strength index surpassed the 70’s mark to trade at 80.98 which is a level that supported the overbought indication. It may remain on such level since no further indications of downtrends has been seen.
Lastly, the Coppock curve of the company surged highly during the period as well. The stock managed to perform within the positive region making it a strong stock to buy. Specifically, the curved recorded a performance of 11.46.
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