Ferrari CEO Benedetto Vigna poses for a photo as Ferrari unveil a new long-term strategy on June 15, 2022 in Maranello, Italy.
Flavio Lo Scalzo | Reuters
Ferrari reported on Thursday that full-year earnings rose 13% year over year and forecast an even stronger year in 2023, in what the CEO described as “continued high demand” for the company’s high-priced sports cars.
Here are the key numbers from the fourth quarter earnings report:
- Earnings per share: 1.21 euros ($1.32) vs. 1.16 euros in the fourth quarter of 2021.
- Revenue: 1.368 billion euros compared to 1.172 billion euros in the same quarter last year.
For the full year, Ferrari earned €939 million, or €5.09 per share, on sales of €5.095 billion. Both were above expectations: The Wall Street analysts surveyed by Refinitiv had expected earnings per share of EUR 4.94 on sales of EUR 4.977 billion for the full year.
The results also exceeded Ferrari’s own forecast. The company raised its 2022 guidance in August and again in November, most recently telling investors it expected full-year sales of about €5 billion and adjusted earnings per share of about €5.
Despite the strong results, Ferrari’s operating margin fell to 21.8% in the fourth quarter from 22.6% in the year-ago period. That year, margins were boosted by Ferrari’s first seven-figure Icona models, the Monza SP1 and SP2; Deliveries of the Monza successor, the Daytona SP3, did not begin until the end of 2022.
Still, Ferrari delivered 13,221 vehicles in 2022, almost 19% more than 2021 and a record.
Ferrari expects further records in 2023: Its guidance calls for sales of around 5.7 billion euros in 2023, with adjusted earnings per share between 6 euros and 6.20 euros. It’s also seeing an increase in operating margin to about 26%, fueled by the Daytona and upcoming Purosangue SUV.
“Despite a complex global macro scenario, we look ahead with great confidence,” CEO Benedetto Vigna said in a statement.
US-listed Ferrari shares closed down 4.8% on Thursday.
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