Ferrari shifts into sixth gear on Piazza Affari and achieves one of the best performances (+4%) of the Ftse Mib (+1,76%) after the publication of the third quarter accounts – closed with profits increasing by 46% – and the nine months.
The period between June and September was "another record quarter for Ferrari, with profit growth driven by an even richer mix and the continued appeal of customizations, which leads us to increase guidance for the year", he said. said the CEO Benedetto Vigna, underlining that “the order book remains at the highest levels thanks to strong demand in all geographical areas and extends through 2025”.
Ferrari's third quarter
In detail, the three months from June to September were archived with a Net income of 332 million euros (0,58 euros per basic share and 0,59 euros diluted), a figure that represents an increase of 46% compared to the 228 million in the same period last year.
There was also a clear increase (+24%) in the revenues, which settle at 1,455 billion euros (1,472 billion the consensus), driven by the Automobiles and spare parts sector (1,33 billion up by 26,5% or 29,1% at constant exchange rates), by Sponsorships, commercial income and related to the brand (+13,8% to 145 million)
THEEbitda is equal to 595 million (+37%), also in this case above the 560,8 million expected by the consensus, while the Ebitda margin it is 38,6%, against 34,8% in the same period last year and also in this case above forecasts (just over 38%). L'adjusted EBIT is 423 million euros, with an increase of 41,6% compared to the previous year and a margin of 27,4%. THE volumes had a positive impact (33 million) attributable to the increase in deliveries compared to the previous year, the company says.
The inet industrial debt at 30 September, equal to 233 million from 331 million at 30 June, also reflects the buyback of own shares for 194 million. At the end of the quarter the overall liquidity available amounted to 1,612 billion (1,71 billion at 30 June), including committed and unused credit lines for 600 million.
Deliveries also rose sharply
The data on the deliveries, up 8,5% to 3.459 units compared to the 3.414 estimated by analysts. thanks to “a very solid order book that reflects volumes, geographical areas and product allocation plans by quarter”.
In the quarter, the region emea recorded an increase in deliveries of 8,3%, the Americas by 21,1%, the Mainland China, Hong Kong and Taiwan reported a decrease of 36 units and the Rest of Italy regionAPAC remained more or less in line with the same period of the previous year.
Deliveries for the quarter were driven by families 296 and SF90, while the F8 Spider is near the end of its life cycle.
The product range for the quarter includes nine models with internal combustion engines (Ice) and four models with hybrid engines. Deliveries of the latter reached 51% of the total in the quarter.
Ferrari: the accounts of the nine months
In the nine months to September, Ferrari recorded a net profit of 963 million (+34%), revenues up 19% to 4,447 billion, deliveries up 5% to 10.418 units and an Ebitda up 32% to 1,721 billion.
Ferrari raises its 2023 guidance
In light of the results achieved, Ferrari has further revised the figures upwards 2023 guidance, which had already been improved by the end of the second quarter. In particular, the company expects now annual revenues for approximately 5,9 billion euros (against the previous estimate of approximately 5,8 billion, after the 5,1 billion in 2022) and a adjusted diluted earnings equal to or greater than 6,55 euros per share (against the previous range between 6,25 and 6,40 euros, after the 5,09 euros in 2022). It also predicts an adjusted Ebit equal to or greater than 1,57 billion (from the previous range between 1,51 and 1,54 billion, after 1,23 in 2022), with a margin equal to or greater than 26,5% (from 26%, against 24,1 .2,25% of last year). Adjusted Ebitda + seen at or above 2,19 billion (from the range between 2,22 and 1,77 billion, after the 2022 billion in 38), with a margin equal to or above 38% (approximately XNUMX% the previous estimate).
Finally, industrial free cash flow + is expected to exceed 0,90 billion (from around 0,90 billion, after 0,76 billion in 2022).
