Ferrari NV (BIT:RACE) stock crashed, after the company mentioned that it expects to ship 7,900 vehicles in fiscal year 2016 (FY16)--its first full year after its separation from Fiat Chrysler Automobiles NV. Investors are concerned about the vehicles' shipment guidance, as it shows just a 3% growth from FY15, and thus indicates sluggish sales growth.
Earlier today, the company announced fourth quarter of fiscal 2015 (4QFY15) results, which were slightly ahead of the analysts’ expectations. Net profit for the quarter was $77.32 million, compared to the $72.04-million consensus estimate, but dropped significantly from $86 million in the same quarter, last year.
Revenue for the period totaled $814.8 million, which beat the analysts’ forecast of $808.47 million. It declined as opposed to $820.16 million reported in the last year's comparable quarter. The company's stock dropped on back of the sluggish revenue growth expectation mentioned earlier, along with the decline in sales during the quarter.
The stock closed down 9.59% at $33 on Tuesday. More than 5.86 million shares were traded today, against its average daily trading volume of 1.44 million shares.