Exceptional financial performance, like that of its cars. After a solid first half, Ferrari published very good financial results for the third quarter on Wednesday. The prestigious Prancing Horse brand delivered a total of 3,188 cars worldwide during the July-September period, 15.9% more, according to a press release from the manufacturer. A trend that should be confirmed in the coming months, according to the general manager of the group Benedetto Vigna.
Sales boosted in particular by the new 296 GTB, a sporty hybrid
“Our entire range is sold out, with the exception of a few models,” he said on Wednesday.
“The increase in shipments during the quarter was driven by the 296 GTB, which was in the ramp-up phase with the 812 Competizione, the statement said. The Ferrari Portofino M and the F8 family continued to support delivery growth, partially offset by lower shipments of the SF90 family.”
The manufacturer will also start production this year of a long-awaited model, its first SUV, the Purosangue, for deliveries from 2023.
Net profit up to 16%
The Maranello group saw its turnover increase by 18.7% to 1,250 million euros. Net profit rose 10% to €228m, slightly above the Factset analyst consensus of €216m.
During the first nine months of the year, Ferrari obtained a net profit of 718 million euros, 16% more, and revenues of 3,720 million euros (+20%).
Small drawback to these good results: in 2022 the profit margin is expected to be around 35% when it was initially going to exceed 35%, according to the Reuters agency. However, industrial costs and research and development costs have increased, mainly due to cost inflation, the manufacturer notes.
2022 turnover announced at 5 billion euros
For the whole of 2022, the group is now targeting a turnover of around €5 billion, up from €4.9 billion previously. The adjusted gross operating surplus (Ebitda) should reach more than 1,730 million euros, against a range of 1,700 to 1,730 million previously set as a target.
The manufacturer forecasts a turnover of up to 6.7 billion euros by 2026, according to its strategic plan presented in June at the group’s historic headquarters in Maranello.
Ferrari intends to achieve this ambitious goal, in particular by launching fifteen new models during the period 2023-2026. One of the milestones of this strategy will come in 2025, with the launch of the brand’s first 100% electric model. “A real Ferrari”, the leaders felt compelled to add during the presentation in mid-June of the strategic plan.
Source: BFM TV
