Ferrari: Profit rises, estimates for 2024 confirmed
In the first quarter net profit of 352 million euro (+19%), revenue rose by 10.9% to 1.585 billion
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Ferrari closed Q1 2024 with a net profit of €352 million, up 19% compared to the same period a year ago. Revenues rose 10.9% to 1.585 billion, when car deliveries remained almost stable: 3,560 units compared to 3,567 in the first three months of 2023. Ebitda came in at EUR 605 million, up 12.7% year-on-year, with margin at 38.2% (up from 37.6%). Ebit was €442 million (up 14.8%), with margin at 27.9% (up from 26.9%). The Maranello-based company confirmed its 2024 guidance: net revenues above €6.4 billion, Ebit at or above €1.77 billion with margin at or above 27%, diluted earnings per share at or above €7.50, Ebitda at or above €2.45 billion with margin at 38%, and industrial free cash flow above €900 million.
Deliveries in the quarter reflected the geographical allocation choices made by Ferrari: as a result, the Emea region recorded an increase of 39 units to 1,573 (+3%), the Americas reported an increase of 35 units to 997 (+4%), Mainland China, Hong Kong and Taiwan recorded a decrease of 79 units to 317 (-20%), and the Rest of Apac region remained virtually unchanged at 673 units.
Industrial free cash flow was EUR 321 million. As of 31 March 2024, the company recorded an industrial net cash position of EUR 38 million for the first time, compared to industrial net debt of EUR 99 million as of 31 December 2023. The figure also reflects the repurchase of treasury shares in the amount of EUR 136 million. As of 31 March 2024, total available liquidity was EUR 1.966bn (EUR 1.722bn as of 31 December 2023), including unused committed credit lines of EUR 600m.
Vigna: "Winning strategy"
."The start of the year was very positive: revenues and profits grew in double figures with stable deliveries. This result was achieved thanks to an even stronger product and geographic mix, as well as the increased contribution of customisation. Our strategy, focused on value growth and not on volumes, has proved to be a winner'. This was stated by Benedetto Vigna, CEO of Ferrari, commenting on the results of the first three months of 2024. "In line with this strategy, the execution of our industrial plan is continuing on schedule, with the enrichment of the car range thanks to the recent launch of the 12Cilindri and the 12Cilindri Spider," he added.
