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Ferrari reports fewer sales, more profit to prove strategy is working

Ferrari's angle of emphasizing exclusivity by limiting deliveries is appearing to bear fruit. The company posted a 7.1-percent increase in revenues to 1.7 billion Euros ($2.2 billion at today's exchange rates) during the first half of 2013. Net profits, meanwhile, saw a jump of 20 percent to 116.2 million Euros ($153.5 million). The Prancing Horse delivered 3,767 cars, which, while an increase of 2.8 percent, represents a rate of growth that's slower than in the first quarter of 2013.
While Ferrari may be actively trying to slow its sales down to below 7,000 in 2013, it's seen increased numbers in the US, Great Britain and Germany, along with double-digit growth in the Middle East and Japan (39 percent and 28 percent, respectively).
The move to limit sales should have a greater impact on the numbers that come in later this year, which we told you about back in May. Ferrari's controversial move has already seen a drop in sales to China, which saw 50 fewer Prancing Horses than this time last year.

Electro super star Deadmau5 selling kitty-themed Ferrari 458

Are you a huge fan a electronic dance music, Internet memes, and in the market for a customized Ferrari? Then today is your lucky day. EDM star Deadmau5, real name Joel Zimmerman, is selling his Ferrari 458 Spider on Craigslist. He calls it the Purrari, and it features a full-body wrap of the eight-bit Nyan Cat, pink brake calipers, prancing cat logos, a Purrari emblem 6,500 miles on the odometer. It's currently located in Toronto, Canada, with an asking price of $380,000. Any amount offered over that is being donated to the Toronto Humane Society.
In addition to the car, the buyer gets an iPod full of "nyancat songs" and a meeting with Zimmerman to say goodbye to his Purrari over a cup of coffee. If you're not in the Toronto area, he is willing to ship the feline automobile anywhere in North America. Obviously, a blue, cat-themed Ferrari isn't to everyone's taste, so Zimmerman can remove the wrap at the buyer's request... though he won't be happy about it.
If you're curious why Zimmerman would sell such a personalized item, it appears a new supercar has his eye now. On May 28, he tweeted about driving a McLaren 650S and announced the Purrari would go up for sale soon. We can only imagine what theme his next ride gets.

Ferrari, not Tesla, might be the stock to buy

Last week Tesla's earnings – or lack thereof – were one of the big stories in the auto industry. As usual, the electric carmaker didn't make money, but the news sent the market, analysts, and Tesla's devoted fans into a lather. But another company, this plucky upstart called Ferrari, also attracted a positive reaction from the market and actually had the financials to back it up. Ferrari posted net revenues of $898 million (at today's exchange rates) EBITDA of $265 million (a slightly complicated way to snapshot financial performance) and an adjusted net profit of $136 million in the first quarter. The company delivered 2,003 cars, and sales of its V12 models increased 50 percent. It quietly made progress nearly a year and a half into its life as an independent automaker. For 2017, Ferrari expects to deliver 8,400 cars and rake in net revenue of $3.6 billion. No one thought Ferrari would flounder when Fiat Chrysler Automobiles spun it off in fall 2015. With a rich history, expensive products, and its own loyal fan base that's arguably even larger than Tesla's, the company seemed poised for success, though skeptics wondered how it might fare after longtime chief Luca di Montezemolo stepped down before the spinoff. Plus, the company remains within the FCA sphere, as its key stakeholders are largely connected to its former parent in some way, and Chairman Sergio Marchionne also steers FCA. Last week's results showed Ferrari is gaining footing in the evolving automotive world, and analysts responded. UBS analyst Michael Binetti reiterated Ferrari stock (RACE on the NYSE) as buy status and raised his target price from $85 to $92. Morgan Stanley's Adam Jonas was even more bullish, raising projections to $100 in the next 12 months. Shares were trading around $82 Monday morning. Both analysts viewed Ferrari as something different than a conventional automaker stock, with Binetti comparing it to luxury house Hermes, which produces high margins even for a specialty goods maker. Jonas suggested Ferrari's singular reputation and history (16 Formula One Constructors titles, the most ever) could insulate its products when autonomous and electric cars become even more commonplace. "In our view, a Ferrari is not transportation," he wrote in a note to clients. "Ownership is viewed as an exclusive club, and membership requires more than just money.