The prestigious prancing horse brand delivered a total of 3,567 racing cars worldwide during the January-March period, up 9.7% year-on-year.
Italian luxury car maker Ferrari posted double-digit revenue and profit growth in the first quarter 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 statement from the manufacturer released Thursday.
Net profit jumped 24% to 297 million euros, a result slightly above the consensus of Factset analysts who expected 272 million euros.
Ferrari saw its turnover climb by 20.5% to 1.43 billion euros.
Order book full until 2025
“An exceptional new quarter for Ferrari, with double-digit growth in key parameters,” commented its CEO Benedetto Vigna, quoted in the press release.
As for the order book, it “extends until 2025”, he specifies. Orders for the brand’s first SUV, “Purosangue”, which “had been suspended following unprecedented initial demand”, have been reopened.
However, industrial costs and research and development costs have increased, in particular due to the rise in raw material prices, notes the manufacturer. It plans to raise its prices to deal with it.
For the whole of 2023, the group has confirmed that it is aiming for a turnover of 5.7 billion euros. The adjusted gross operating surplus (Ebitda) should reach 2.13 to 2.18 billion euros.
And by 2026, the manufacturer is betting on 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 period 2023-2026, including the manufacturer’s first fully electric car which will be presented in 2025.
Europe-Middle East-Africa remained Ferrari’s main market in the first quarter, with 1,534 vehicles delivered, but the number was down 12%.
Shipments, on the other hand, rose 46.2% in the Americas and 38.9% in the China-Hong Kong-Taiwan region.
The manufacturer’s revenue from the sale of cars and spare parts increased by 23.2% to 1.24 billion euros.
Sponsorship and brand revenue increased by 15.2% to 130 million euros, mainly due to the ranking obtained in Formula 1.
Revenues from engine sales, however, fell 11.5% to 33 million euros, due to lower deliveries to Maserati, as the contract between the two groups approaches the expiration this year.
