MILAN—Ferrari beat earnings forecasts and reported record orders in the second quarter, prompting the luxury sports car maker to raise its full-year targets, as Portofino M and F8 family models drove sales.
The Italian company, famed for its roaring engines powering super-cars with price tags starting at over 200,000 euros ($205,000), in June rolled out its new business plan, with a promise to make electric and hybrid cars 80 percent of its models by 2030.
Shipments in the April–June quarter rose 4 percent, with deliveries more than doubling in China to 358 units.
Ferrari said it now expected adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) between 1.70 billion euros and 1.73 billion euros this year, up from a previous forecast range of 1.65–1.70 billion euros.
Sold Out
“Also the net order intake reached a new record level in the (second) quarter,” added Vigna, who took charge of Ferrari last September.The demand increased even as most of its models were currently sold-out, Ferrari said in slides prepared for analyst presentation.
Second-quarter adjusted EBITDA rose 15 percent to 446 million euros topping the 427 million euros forecast in a Reuters poll.
However the margin on adjusted EBITDA fell to 34.6 percent in the quarter, from 37.4 percent a year earlier, in part because of industrial cost inflation, the company said.
Milan-listed shares in Ferrari were down 0.1 percent by 1320 GMT, outperforming Italy’s blue-chip index.
In September Ferrari will unveil its much awaited first sport utility vehicle (SUV), called Purosangue, “thoroughbred” in Italian, fitted with its gas-guzzling V-12 trademark engine.
Ferrari said on Tuesday it expected to start Purosangue production—along with that of the 840 horse power Daytona SP3 Icona-series car—in 2022 with deliveries in 2023.
