Ferrari ups 2022 forecast after record second-quarter orders

Milan — Ferrari beat earnings forecasts and reported record orders in the second quarter, prompting the luxury sports carmaker to raise its full-year targets, as Portofino M and F8 family models drove sales.

The Italian company, famed for its roaring engines powering supercars with price tags starting at over €200,000 ($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.

The carmaker said hybrid models made up 17% of its shipments in that period, when first deliveries started for the €275,500 296 GTB, which added to the SF90 Stradale, the company’s first hybrid car.

Ferrari said it now expected adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) between €1.70bn and €1.73bn this year, up from a previous forecast range of €1.65bn-€1.70bn.

“The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics,” CEO Benedetto Vigna said in a statement.

Sold out

“Also, the net order intake reached a new record level in the [second] quarter,” added Vigna, who took charge of Ferrari last September.

The demand increased even as most of its models were currently sold out, Ferrari said in slides prepared for analyst presentation.

Second-quarter adjusted EBITDA rose 15% to €446m topping the €427m forecast in a Reuters poll.

However the margin on adjusted EBITDA fell to 34.6% in the quarter, from 37.4% a year earlier, in part because of industrial cost inflation, the company said.

Milan-listed shares in Ferrari were down 0.1% by 1.20pm GMT, outperforming Italy’s blue-chip index.

Ferrari has promised to deliver its first fully electric car in 2025, one of 15 new models it plans to launch between 2023 and 2026.

But in September, it will unveil its much-awaited first sport-utility vehicle (SUV), called Purosangue, “thoroughbred” in Italian, fitted with its gas-guzzling V-12 trademark engine.

Ferrari said on Tuesday it expected to start Purosangue production — along with that of the 840 horsepower Daytona SP3 Icona-series car — in 2022 with deliveries in 2023.

Reuters