Between July and September, Ferrari saw its deliveries increase by 19% compared to 2020 and by 11% compared to 2019, before the pandemic. What to expect for record financial results this year.
Italian luxury car maker Ferrari kicked off the turbo in the third quarter, posting "record" orders and double-digit growth in deliveries, prompting it to raise its guidance for the full year.
Deliveries up 11.2% compared to 2019
The prestigious prancing horse brand posted net profit up 21% to 207 million euros. This result, published Tuesday, exceeds the consensus of analysts established by Factset who expected 188 million euros.
Ferrari delivered a total of 2,750 vehicles worldwide between July and September, up 18.9% compared to the same period of 2020 and 11.2% compared to 2019, before the coronavirus pandemic.
The Italian manufacturer recorded "record order intake worldwide, especially in China and the United States" during the quarter, commented new CEO Benedetto Vigna, praising "strong results".
This chip expert took the wheel of the group in September, succeeding John Elkann who had acted as interim after the resignation of Louis Camilleri in December 2020.
The group saw its turnover climb to 1.05 billion euros, up 18.6% compared to 2020 and 15.1% compared to 2019. Gross operating surplus (EBITDA) rose 12.4% to 371 million euros.
Post-pandemic rebound
For the whole of 2021, the manufacturer has revised upwards its cash flow forecast, now counting on 550 million euros against 450 million previously.
In 2020, the group had seen its deliveries of racing cars worldwide drop by 10% to 9,119 units, due to a temporary suspension of its production due to the coronavirus pandemic.
Europe-Middle East-Africa remained Ferrari's main market in the third quarter of 2021, with 1,308 vehicles delivered, up 2%.
Deliveries climbed 40% in the Americas and doubled in the China-Hong Kong-Taiwan region.
The automaker's revenues from the sale of cars and parts increased 22% to 883 million euros in the quarter.
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