Ferrari N.V. (NYSE:RACE) Q3 2019 Earnings Conference Call - Final Transcript

Nov 04, 2019 • 09:00 am ET


Ferrari N.V. (NYSE:RACE) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to Ferrari 2019 Third Quarter Results Conference Call. During the call, all participants will be on a listen-only mode. There'll be a presentation, followed by a question-and-answer session. [Operator Instruction]. I must advise you that the conference is being recorded today, Monday, the 4th of November 2019.

I must now hand over to your first speaker, Nicoletta Russo. Please go ahead.

Nicoletta Russo

Thank you, Jordi. And welcome to everyone who is joining us. Today's call will be hosted by the Group CEO, Louis Camilleri and Group CFO, Antonio Picca Piccon.

All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.

Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on Page 2 of today's presentation and the call will be governed by this language.

With that said, I'd like to turn the call over to Mr. Camilleri.

Louis C. Camilleri

Thank you very much. Nicoletta. Good afternoon and good morning to everyone. We enjoyed another strong quarter across all financial metrics, which admittedly were flattered in part by currency tailwind. We remain particularly pleased with the strong level of orders we continued to receive and the overall health of our order book.

The quarter was also marked by continued investment in our resources to enhance our capacity to innovate and thus sustain our competitive edge and pricing power for the coming years. As announced in our release earlier today, we have raised our annual guidance across all metrics to reflect the benefit of the strong momentum of our core business.

Beyond the numbers, the third quarter proved to be exciting on many fronts. A particular note was the one month long event, held here in Maranello in September, the Universo Ferrari. This event attracted approximately 14,000 carefully selected customers and prospects, as well as media, fans and our employees.

It was the very first time we showcased all the Ferrari stands for in a holistic manner. And I would characterize the event as quite exceptional in every respect. The highlight of the event was the simultaneous launch of the 812 GTS, our first V12 range model Spider in the last 50 years and the F8 Spider, which complements the highly successful F8 Tributo. Both models garnered an enthusiastic response as evidenced by the firm orders collected at the event itself and during this past month.

As you all know, we had announced the launch of five models this year. The last to be unveiled will be next week at an event to be held in Rome. We're all excited by the prospects of this particular model. As previously pledged, I would now like to provide you with the synopsis of our brand diversification strategy, which has now been finalized and against which execution that