Ferrari Raises Expectations After Strong Quarterly Results

Ferrari raises its guidance for 2022 following strong second-quarter results and record orders

Ferrari’s second-quarter results beat Wall Street analysts’ estimates as orders hit record levels, prompting the luxury sports car company to raise its full-year financial targets, helped by sales of the F8 and Portofino M models, and in June, the Italian company, best known for its loud and expensive sports cars with a starting price of 200,000 euros ($205,000), introduced a new business plan with promises to convert 80% of its models to hybrid and electric vehicles by 2030.

Vehicle shipments during the quarter from April to June grew by 29%, with deliveries in China doubling to 358 vehicles, and the company stated in its report that hybrid models accounted for 17% of its shipments during that period.

Ferrari now expects EBITDA to be between 1.70-1.73 billion euros this year, while its previous expectations were no more than 1.65-1.70 billion euros.

Adjusted earnings on an EBITDA basis grew 15% in the second quarter to 446 million euros, topping analysts’ estimates of 427 million euros, and this is partly due to the inflation of industrial expenses. Read more [General Motors Raises Prices for Electric Hummers].

Milan-listed Ferrari shares traded 0.1% lower, outperforming the leading Italian stock index FTMIB, and Ferrari has promised to deliver its first fully electric car in 2025, which will be one of 15 new models it seeks to bring to market between 2023-2026. Read more [Polestar Electric Vehicle Share Listed Via SPAC Deal].

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