Ferrari CEO Benedetto Vigna poses for a photograph as Ferrari unveils a new long term strategy, in Maranello, Italy, June 15, 2022.
Flavio Lo Scalzo | Reuters
Ferrari on Thursday reported full-year profit up 13% year over year and guided to an even stronger year in 2023 on what its CEO called “persistently 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), versus 1.16 euros in the fourth quarter of 2021.Revenue: 1.368 billion euros, versus 1.172 billion euros in the year-ago quarter.
For the full year, Ferrari earned 939 million euros, or 5.09 euros per share, on revenue of 5.095 billion euros. Both were above expectations: Wall Street analysts polled by Refinitiv had expected full-year earnings per share of 4.94 euros on revenue of 4.977 billion euros.
The results also beat Ferrari’s own guidance. The company had raised its 2022 guidance in August and again in November, most…
2023-02-02 20:03:53 Ferrari’s 2022 earnings jump 13%, supercar maker guides to strong 2023
Link from www.cnbc.com Ferrari, the Italian supercar maker, is forecasting strong earnings for the next two years, following the 13% rise in its full-year 2022 results, released Friday.
The Maranello-based manufacturer reported a total 2022 turnover of at least 3.64 billion euros. This represents an increase of 13% on the previous financial year, despite the pandemic’s negative impact on the automotive industry.
Ferrari further reported strong net income of 2.3 billion euros, representing an increase of 10% from the previous year, with total operating profit increased by 8% to 892 million euros. The company also said that its net debt stood at approximately 1.8 billion euros, down from its high of 2.5 billion euros in 2020.
The luxury carmaker’s results are part of a broader industry recovery, with several carmakers returning to profitability following the mass disruption of the Covid-19 pandemic.
Toshio Nakamura, Ferrari’s Chief Financial Officer, commented that the company is “satisfied” with the positive results, noting the brand’s “return to the good levels of margin and profitability” in 2022.
On the back of its strong performance, Ferrari is well-positioned to meet its 2023 guidance, with the company predicting 3.7 billion euro in revenues, net income of 2.4 billion euros, and total operating profits potentially exceeding 1 billion euros for the first time.
The luxury carmaker is also focusing on its carbon neutrality objectives, as well as launching its first all-electric vehicle. With its strong financial performance likely to continue into the next financial year, investors in the iconic car brand could well be looking forward to an even stronger return in 2023.