Ferrari raises targets after record quarter

After a remarkable quarter, Ferrari on Thursday again raised its financial targets for the end of 2023. The Italian luxury carmaker is now targeting sales of 5.9 billion euros.


Ferrari bombs in the third quarter! The Italian carmaker saw its sales climb by 23.5% to 1.54 billion euros, exceeding expectations. For the first nine months of the year, revenues were also up by 19%, reaching a total of 4.4 billion euros.


Net income also rose by a remarkable 45.7% to 332 million euros in the third quarter. Ferrari thus far exceeded the expectations of Factset analysts, who had forecast earnings of 294 million euros. In the July-September period, the famous prancing horse brand managed to sell a total of 3,459 cars worldwide, recording an increase of 8.5%.


Group Managing Director Benedetto Vigna hailed a “new record quarter” and “profit growth” thanks mainly to the “continued appeal of customization” of models, but also to the enrichment of the product assortment and pricing power.


Sponsorship and brand revenues rose by 13.8% to 145 million euros, thanks to the Formula 1 ranking. The only downside was a 33% drop in revenues from engine sales to 28 million euros, due to lower deliveries to Maserati as the contract between the two automakers nears its end-of-year expiry date.


In the July-September period, the Group’s Ebitda rose by 37% to 595 million euros, again exceeding analysts’ expectations of 560 million euros. Its adjusted Ebitda margin, however, fell to 38.6% from 40.0% in the April-June quarter.


EMEA and America perform well


Benedetto Vigna added: “The order book remains at its highest level, due to strong demand in all geographical areas, and covers the whole of 2025”. The automaker had announced in mid-October that it would be opening up to crypto-currencies, henceforth allowing payment in Bitcoin and other digital currencies for its cars.


The Europe-Middle East-Africa (EMEA) region remained Ferrari’s main market, with the delivery of 1,398 vehicles, marking a slight increase of 8.3%. Ferrari’s second most important market, America, recorded a significant increase, with the delivery of 1,096 cars, representing growth of 21.1%.


By contrast, deliveries in the China-Hong Kong-Taiwan region fell by 8%. Revenues from the sale of cars and spare parts rose by a substantial 26.5% to a total of 1.33 billion euros.


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Featured photo : ©Ferrari

Picture of Hugues Reydellet
Hugues Reydellet
Hugues Reydellet is a young and passionate journalist whose favorite subjects are economy, culture, gastronomy, but also cars, and sports. With a sharp pen and an insatiable curiosity, Hugues is constantly on the lookout for new hot information to report.

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