Italian luxury car maker Ferrari posted double-digit growth in deliveries and profits in the third quarter, prompting it to raise its full-year targets once more.
The prestigious prancing horse brand delivered a total of 3,188 cars worldwide during the July-September period, up 15.9%, according to a press release from the manufacturer released on Wednesday.
“Our long-term strategy continues to drive profitability and increase our resilience in a macroeconomic scenario that presents new challenges globally,” commented Group Chief Executive Benedetto Vigna.
As for the order book, “our entire range is sold out, with the exception of a few models”, he assured.
However, industrial costs and research and development costs have increased, mainly due to cost inflation, notes the manufacturer.
Ferrari saw its turnover increase by 18.7% to 1.25 billion euros (1.23 billion francs).
Net profit increased by 10% to 228 million euros, a result slightly higher than the consensus of analysts from Factset who expected 216 million euros.
Over the first nine months of the year, Ferrari earned a net profit of 718 million euros, up 16%, and revenues of 3.72 billion euros (+20%).
For the whole of 2022, the group is now aiming for a turnover of around 5 billion euros, once morest 4.9 billion previously. The adjusted gross operating surplus (Ebitda) should reach more than 1.73 billion euros, once morest a range of 1.70 to 1.73 billion previously targeted.
The manufacturer forecasts a turnover of up to 6.7 billion euros by 2026, according to its strategic plan presented in June at the historic headquarters of the group in Maranello (north).
Ferrari intends to achieve this ambitious objective in particular by launching fifteen new models over the period 2023-2026.
Europe-Middle East-Africa remained Ferrari’s main market in the third quarter, with 1,291 vehicles delivered, but the number was down 1%.
Shipments, on the other hand, rose 28.2% in the Americas and 73.1% in the China-Hong Kong-Taiwan region.
The manufacturer’s revenue from the sale of cars and spare parts increased by 19.6% to 1.05 billion euros.
Sponsorship and brand revenue increased by 29.7% to 123 million euros, due in particular to the ranking obtained in Formula 1.
The only downside, revenue from engine sales fell 25.3% to 41 million euros, due to the drop in deliveries to Maserati, as the contract between the two groups approaches the expiry in 2023. .
/ATS
