Ferrari raised its guidance for this year following a confirmation of record results for the second quarter thanks to unprecedented demand for its high-priced sports and grand touring cars.
The Italian company has been able to avoid most of the problems related to supply chain disruptions which have affected larger automakers and forced them to reduce production during the last few months, as a result of its small sales volumes. At the same time, Ferrari’s target clients are less affected by the economic concerns that are clearly visible in consumer data due to worldwide events and their impact on various industries.
On the strength of its first-half results and robust order book, Ferrari confirmed that it now expects to report earnings per share between 4.80 euros and 4.90 euros ($4.89 and $4.99) for the full year, on revenue of roughly 4.9 billion euros. It had previously informed investors to expect full-year earnings per share to fall between 4.55 euros and 4.75 euros, on revenue of about 4.8 billion euros.
Ferrari’s second-quarter profit, revenue and shipments all rose more than 20% from a year ago to quarterly records. Its net order intake also hit a record level in the quarter, as confirmed by chief executive officer Benedetto Vigna.
The key numbers are the following:
Earnings per share: 1.36 euros, versus 1.11 euros in the second quarter of 2021.
Revenue: 1.29 billion euros, versus 1.04 billion euros in the second quarter of 2021.
Ferrari shipped 3,455 vehicles in the quarter, up 29% as compared to 2021, on strong demand for its V8-powered Portofino M convertible and F8 mid-engine sports car. The company also confirmed that it’s begun production of its new V6-powered hybrid 296 GTB sports car.
The Italian company, well-known for its roaring engines powering super-cars with price tags starting at over 200,000 euros ($205,000), in June rolled out its new business plan, with a promise to make electric and hybrid cars 80% of it models by 2030.. Shipments in the April-June quarter rose 4%, with deliveries more than doubling in China to 358 units.
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“The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics,” Ferrari CEO Benedetto Vigna said in a statement. – “Also the net order intake reached a new record level in the (second) quarter,” continued Benedetto Vigna, who took charge of Ferrari almost one year ago.
Milan-listed shares in Ferrari were down 0.1% by 1320 GMT, outperforming Italy’s blue-chip index. The Italian company has promised to deliver its first fully electric car in 2025, one of 15 new models it plans to launch between 2023 and 2026. At the same time, in just two months Ferrari will officially present its highly anticipated first sport utility vehicle (SUV), called Purosangue, “thoroughbred” in Italian, fitted with its gas-guzzling V-12 trademark engine.
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