Ferrari, net profit of 297 million in the first quarter of 2023

taketonews

The Maranello-based company recorded significant positive figures in the first three months of 2023, after a record-breaking 2022. Deliveries increased by 9.7% compared to the same period of the previous year

Alexander Follis

If the successes on the track are slow to arrive this year, the same cannot be said of the economic results. Ferrari closed the first quarter of 2023 with a net profit of 297 million euros and a total of 3,567 cars delivered, which constitute an increase of 9.7% compared to the same period of 2022. Net revenues also grew significantly from the previous year, amounting to 1.429 billion euros, a good 20.5% more if compared to last year, which was also a record. The nine internal combustion engine models made up 65% of deliveries, with the remaining 35% for the four hybrid powertrains. Portofino M, 296 Gtb and 812 Competizione were the protagonists of this increase, while the 296 Gts and 812 Competizione Aperta made their debut. Instead, the life cycle of the F8 Tributo has come to an end.

Vigna’s words

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“Another exceptional quarter for Ferrari, with double-digit growth in key metrics, a new record EBITDA of 37.6% and net profit of €297 million,” commented the CEO Benedict Vigna. The gross operating margin (Ebitda) in fact amounted to 537 million euros, up 27% compared to the previous year, while the result before financial charges (Ebit) was 385 million, up 25.3% compared to 2022. “Our order book extends into 2025, thanks to a range of products that has won important awards. We have decided to reopen orders for the Thoroughbred, suspended following unprecedented demand, and launched the Roma Spider to further enrich our offer. We are in line with the electrification process both as regards the development of sports cars and on the infrastructures of Maranello”. concluded Vigna.

Estimates confirmed

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The estimates for 2023 presented last year were confirmed in the first quarter: net revenues remain on 5.7 billion euros expected, with Ebitda between 2.13 and 2.18 billion (38% margin) and Ebit between 1.45 and 1.50 billion (26% margin). The product portfolio is further enriched with the start of deliveries of Ferrari Daytona SP3.

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