8:40 am, August 3, 2023
Bosses at Ferrari have upped their annual profit forecasts after the Italian outfit enjoyed a ‘stunning’ second quarter.
The Prancing Horse saw its revenues and profits shoot to sky high levels between April and June, largely due to buyers splashing out on personalising their cars.
Options including custom paint jobs, coloured brake callipers and carbon fibre finishes all combined to paint a rosy picture for the Maranello-based firm.
Despite sales dropping two per cent year-on-year to 3,392, Ferrari’s revenue was up by 14 per cent in Q2, reaching €1.5bn (£1.2bn).
Meanwhile, pre-tax profit leapt to €334m (£287m) – a rise of around a third.
As a result of the boom, Ferrari now expects to make an adjusted annual profit of between €1.51bn (£1.2bn) and €1.54bn (£1.32bn), compared to previous forecasts which placed the figure between €1.45bn (£1.25bn) to €1.5bn (£1.2bn).
Revenues for the 12 months to the end of December are also now expected to hit €5.8bn (£5bn), opposed to the €5.7bn (£4.9bn) previously predicted.
In a statement to investors, Ferrari boss Benedetto Vigna hailed recent success and said the firm was enjoying a ‘robust’ order book.
He said: ‘The second quarter ended with exceptional financial results, highlighting strong margins.
‘Deliveries reflected a rich product mix, while we continue to manage a very strong order book in all geographies.
‘The decision to revise the guidance upwards was supported in particular by stunning results in personalisations.
‘Innovation is at the heart of Ferrari and continues to drive our growth and achievements, such as the unforgettable victory at Le Mans’
Responding to the results, analysts say that Ferrari is likely to see even more money pour in from personalisation in the coming years.
Orders for the upcoming Purosangue SUV and Daytona SP3 sports car in particular are expected to go through the roof.
However, Bernstein analyst Daniel Roesk told the Financial Times that some investors would be disappointed that the latest forecasts were not adjusted by even more.
Following the announcement, Ferrari shares dipped by around two per cent to €284.50 (£244.63).
Customisation was among the topics discussed with dealers in the first two episodes of our Selling Supercars Series.
You watch the first episode, with Romans International, here. Episode two, starring Tom Hartley, can be viewed at the top of this story.
