Italian luxury carmaker Ferrari posted double-digit first-quarter revenue and profit growth and confirmed its full-year 2023 guidance.
The prestigious Prancing Horse brand delivered a total of 3,567 racing cars worldwide during the January-March period, up 9.7%, according to a manufacturer’s statement published on Thursday.
Net profit jumped 24% to €297m, slightly above the Factset analyst consensus of €272m.
Ferrari saw its turnover grow by 20.5% to 1,430 million euros.
Complete order book until 2025
“An exceptional new quarter for Ferrari, with double-digit growth in key parameters,” said its general director, Benedetto Vigna, quoted in the press release.
Regarding the order book, “it extends until 2025”, he specifies. Orders have been reopened for the brand’s first SUV, “Purosangue”, which “had been suspended after an unprecedented initial demand”.
However, industrial costs and research and development costs have increased, in particular due to rising raw material prices, the manufacturer notes. He plans to raise his prices to cope.
For all of 2023, the group has confirmed that it is targeting a turnover of 5,700 million euros. The adjusted gross operating surplus (Ebitda) should reach 2,130 to 2,180 million euros.
And by 2026, the manufacturer is committed to a turnover of up to 6.7 billion euros, according to its strategic plan presented in June 2022 at the group’s historic headquarters in Maranello (north).
15 new models between 2023 and 2026
Ferrari intends to achieve this ambitious goal by launching fifteen new models over the 2023-2026 period, including the manufacturer’s first all-electric car to be unveiled in 2025.
Europe-Middle East-Africa remained Ferrari’s main market in the first quarter, with 1,534 vehicles delivered, but the figure was down 12%.
Shipments, meanwhile, increased 46.2% in the Americas and 38.9% in the China-Hong Kong-Taiwan region.
The manufacturer’s income from the sale of cars and spare parts increased by 23.2% to 1,240 million euros.
Sponsorship and brand revenue increased by 15.2% to €130 million, mainly due to the classification obtained in Formula 1.
Engine sales revenue, however, fell 11.5% to 33 million euros, due to lower deliveries to Maserati, as the contract between the two groups nears expiration this year.
Source: BFM TV
