Ferrari’s second-quarter profit beats, full-year forecast raised

Ferrari reported record orders and higher-than-anticipated earnings during the second quarter and also revised up its full-year profit forecast, as the Portofino M and F8 family models drove revenue.

Second-quarter shipments went up 4% year-on-year in the latest quarter, as deliveries to China more than doubled to 358 vehicles. According to Ferrari, hybrid models accounted for 17% of total deliveries.

The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased 15% year-on-year to EUR 446 million in the second quarter, which exceeded a consensus of analyst estimates of EUR 427 million.

Ferrari now expects adjusted EBITDA within the range of EUR 1.70 billion to EUR 1.73 billion for the full year, an upward revision from the previously expected range of EUR 1.65 billion to EUR 1.70 billion.

“The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics,” Ferrari’s Chief Executive Officer Benedetto Vigna, was quoted as saying by Reuters.

“Also the net order intake reached a new record level in the (second) quarter,” the CEO added.

On the other hand, the Italian company said the margin on adjusted EBITDA had dropped to 34.6% during the second quarter from 37.4% in the year-ago period, in part due to industrial cost inflation.

The auto maker has pledged to deliver its first fully electric vehicle in 2025, while this September it intends to unveil its first sport utility vehicle, named Purosangue.