- Ferrari announces Q3 and nine-month 2024 results, showing continuous earnings growth and increased confidence in full-year guidance.
Tue Nov 05 12:48:13 -2024 UTC– Ferrari announces consolidated results for Q3 and nine months, showing continuous earnings growth and confidence in full-year guidance.
Net Revenues Up
Ferrari reported net revenues of ā¬1.644 billion for Q3 2024, up 6.5% from the prior year, driven by a richer product mix and increased personalizations. Adjusted EBIT reached ā¬467 million, a 10.3% increase, with a margin of 28.4%, while adjusted net profit was ā¬375 million, translating to an adjusted EPS of ā¬2.08. Total shipments for the quarter amounted to 3,383 units, reflecting a slight year-over-year decrease of 2.2%.
Increased Personalization
CEO Benedetto Vigna highlighted the performance, attributing Ferrariās continued growth to “a strong product mix and increased personalization,” noting the company’s adherence to targets set during Ferrariās 2022 Capital Markets Day. Vigna emphasized Ferrariās focus on innovation, mentioning the unveiling of the F80 supercar and advancements in electrification expertise as the company prepares for carbon neutrality by 2030. Additionally, Ferrariās shutdown of its Maranello trigeneration plant marked a key step in its sustainability agenda.
Ferrariās revenue from cars and spare parts grew to ā¬1.4 billion, up 5.2%, driven by popular models like the Purosangue, Roma Spider, and 296 GTS. Other notable contributions included the SF90 XX Stradale and the debut deliveries of the SF90 XX Spider.
Revenue from sponsorships and brand ventures surged by 20.4%, supported by new sponsorship agreements. Ferrariās Q3 results underscore the automakerās resilience in a volatile market. While shipments declined slightly, revenue growth reflects strong demand for high-end models and Ferrariās strategic pricing. Continued commitment to electrification and process improvements signal Ferrariās ambition to strengthen its position in the evolving luxury automotive market.
Regional Performance and Product Lineup:
In regional terms, Ferrariās EMEA shipments increased, while the Americas saw a small decline. Mainland China, Hong Kong, and Taiwan posted a more significant drop, partially offset by gains in the rest of the APAC region. Ferrariās portfolio this quarter included eight internal combustion engine models and five hybrids, with hybrids making up 55% of total shipments.
Ferrariās year-to-date performance has reinforced its confidence in meeting full-year guidance, as it continues to expand its product offerings while navigating evolving demand across regions.