Ferrari Exceeded Expectations in the Third Quarter
Ferrari announced its financial results for the third quarter of 2022. The luxury sports car manufacturer achieved revenue and profits above market expectations. The company has set high targets for 2023.
Ferrari's Third Quarter Revenue and Profit
Ferrari generated revenue of 2022 billion euros in the third quarter of 1,54. This figure was above analysts' average expectation of 1,48 billion euros. The company's revenue increased by 11 percent compared to the same period of the previous year.
Ferrari's profit before interest and tax in the third quarter was 423 million euros. This figure exceeded analysts' average expectation of 394 million euros. The company's profit increased by 7 percent compared to the same period of the previous year.
Ferrari's Third Quarter Deliveries
Ferrari delivered 3 thousand 459 vehicles in the third quarter. This figure means a 9 percent increase compared to the same period of the previous year. The company's deliveries increased in Europe and the United States and decreased in China. It remained stable in the rest of the Asia-Pacific region.
Ferrari's best-selling models included the 812 Superfast, SF90 Stradale, Roma and Portofino M. The company stated that the demand for its new models, 296 GTB and F8 Spider, is also high.
Ferrari's 2023 Goals
Ferrari has set ambitious targets for 2023. The company plans to generate revenues of approximately 5,9 billion euros and earnings per share of at least 6,55 euros by the end of the year. The company also aims to deliver 10 thousand vehicles.
Ferrari continues to introduce its new models and offer customization options to its customers. By offering a wide variety of options in paint finishes, interior materials and other details, the company can add hundreds of thousands of dollars to the price of a new Ferrari. This increases the company's profit per car sold.