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Ferrari revs up for "even stronger 2023" after beating forecasts in Q4

Variety

02-02-2023 | 08:53

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Ferrari revs up for "even stronger 2023" after beating forecasts in Q4

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Ferrari (RACE.MI) said on Thursday it saw "even stronger" results this year after posting a 16 percent increase in its core earnings in 2022, supported by increased sales volumes of its luxury sports cars.

Ferrari said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 2.13-2.18 billion euros in 2023, from an above-guidance result of 1.773 billion last year.

Milan-listed shares in the company extended gains after results were published. By 1145 GMT they were up 1.8 percent,

In the fourth quarter, adjusted EBITDA rose 18 percent to 469 million euros ($516 million).

"These figures provide the base for an even stronger 2023, fueled by a persistently high demand for our products worldwide," said Benedetto Vigna, Ferrari CEO.

An increase in vehicle shipments during the year was driven by the Ferrari Portofino M and the SF90 family, as well as the 296 GTB and the 812 Competizione, which were in the ramp up phase.

"Ferrari reported a strong performance with attractive profit margins and one of the most significant volume increases over the last 10-12 years," said Third Bridge analyst Orwa Mohamad, adding the new Purosangue four-seater will increase Ferrari's customer base in 2023.

Deliveries of Ferrari's new 390,000 euro Purosangue are expected to start in the second quarter of this year. The company has said orders for it had outstripped even its most ambitious expectations.

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