Why Ferrari Stock Is Hitting the Brakes Today
Shares of Italian supercar-maker Ferrari (NYSE: RACE) were trading lower on Tuesday after the company reported its first-quarter earnings. Although the results were quite good, Ferrari said that the profit-growth targets it had expected to hit next year won't be hit until 2023.
As of 10:45 a.m. EDT, Ferrari's shares were down about 6.8% from Monday's closing price.
Ferrari's first-quarter report was a good one. Operating profit rose 21% on strong demand for its newest V-8 sports car, while higher-end models helped push its operating margin to a very stout 26.3%, 2.7 percentage points higher than a year ago.
Source Fool.com
