Ferrari points to higher profits this year after record 2021 shipments

Reading Time: 2 minutes

MILAN, Feb 2 (Reuters) – Sports car maker Ferrari said on Wednesday its core earnings would rise this year after posting strong financial results in 2021 with record shipments of 11,155 vehicles.

The Italian company guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 1.65-1.70 billion euros this year, up from 1.53 billion euros ($1.73 billion) in 2021.

Last year’s result was in line with a company-provided forecast of around 1.52 billion euros, and represented a 34% increase on the previous year.

“We carefully managed an impressive order intake in line with our strategy to pursue controlled growth and preserve brand exclusivity,” Chief Executive Benedetto Vigna said in a statement, presenting results after taking charge of the company last September.

Margin on adjusted EBITDA hit a higher-than-expected record of 35.9% last year. The figure is expected to slip this year to between 34.5%-35.5% the company said.

Milan-listed shares in Ferrari erased losses after results were published and were up 0.3% by 1210 GMT.

Shipments grew 22.3% last year compared to COVID-hit 2020.

All geographical regions posted double digit growth, supported by strong sales of 8-cylinder models, including the F8 family as well as the Roma grand tourer and the hybrid SF90 Stradale, the company said.

Shipments to China, Hong Kong and Taiwan almost doubled versus the previous year.

In a sign of a strong demand worldwide for luxury cars despite the global coronavirus pandemic, Rolls-Royce, a unit of Germany’s BMW, said its sales soared 49% in 2021, to a record high of 5,586 vehicles.

Similarly Porsche, a unit of Volkwagen, delivered more than 300,000 vehicles last year, with an increase in all regions worldwide, especially in the U.S., with China confirming itself as the largest single market for the German sports car manufacturer. 

Once you're here...

%d bloggers like this: