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Ferrari lifts 2022 forecasts after strong Q2 results, record orders

Stock Markets Aug 02, 2022 12:56PM ET
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2/2 © Reuters. FILE PHOTO: Ferrari Roma is unveiled during its first world presentation in Rome, Italy, November 14, 2019. REUTERS/Guglielmo Mangiapane/File Photo 2/2

By Giulio Piovaccari

MILAN (Reuters) - Ferrari (NYSE:RACE) beat earnings forecasts and reported record orders in the second quarter, prompting the luxury sports car maker to raise its full-year targets, as Portofino M and F8 family models drove sales.

The Italian company, famed for its roaring engines powering super-cars with price tags starting at over 200,000 euros ($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 29%, 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 euro 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 amortization (EBITDA) between 1.70 billion euros and 1.73 billion euros this year, up from a previous forecast range of 1.65-1.70 billion euros.

"The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics," Chief Executive 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 446 million euros topping the 427 million euros 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 1320 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 horse power Daytona SP3 Icona-series car - in 2022 with deliveries in 2023.

($1 = 0.9779 euros)

(This story corrects figure for shipment growth in 3rd paragraph to 29%)

Ferrari lifts 2022 forecasts after strong Q2 results, record orders
 

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