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Ferrari’s 2022 earnings jump 13%, supercar maker guides to strong 2023


Ferrari CEO Benedetto Vigna poses for a photograph as Ferrari unveils a recent long run strategy, in Maranello, Italy, June 15, 2022.

Flavio Lo Scalzo | Reuters

Ferrari on Thursday reported full-year profit up 13% 12 months over 12 months and guided to a fair stronger 12 months in 2023 on what its CEO called “persistently high demand” for the corporate’s high-priced sports cars.

Listed here are the important thing numbers from the fourth-quarter earnings report:

  • Earnings per share: 1.21 euros ($1.32), versus 1.16 euros within the fourth quarter of 2021.
  • Revenue: 1.368 billion euros, versus 1.172 billion euros within the year-ago quarter.

For the complete 12 months, Ferrari earned 939 million euros, or 5.09 euros per share, on revenue of 5.095 billion euros. Each were above expectations: Wall Street analysts polled by Refinitiv had expected full-year earnings per share of 4.94 euros on revenue of 4.977 billion euros.

The outcomes also beat Ferrari’s own guidance. The corporate had raised its 2022 guidance in August and again in November, most recently telling investors to expect revenue of about 5 billion euros and adjusted earnings per share of about 5 euros for the complete 12 months.

Despite the strong results, Ferrari’s fourth-quarter operating margin slipped to 21.8% from 22.6% within the year-ago period. That year-ago profit margin was boosted by the primary of Ferrari’s seven-figure Icona models, the Monza SP1 and SP2; shipments of the Monza’s successor, the Daytona SP3, didn’t begin until the very end of 2022.

Ferrari Purosangue

Source: Ferrari

Still, Ferrari shipped 13,221 vehicles in 2022, up nearly 19% from 2021, notching a record.

Ferrari expects more records in 2023: Its guidance calls for revenue of about 5.7 billion euros in 2023, with adjusted earnings per share between 6 euros and 6.20 euros. It also sees a lift in operating margin, to about 26%, powered by the Daytona and the upcoming Purosangue SUV.

“Despite a fancy global macroscenario, we glance ahead with great confidence,” CEO Benedetto Vigna said in a press release.

Ferrari’s U.S.-listed shares closed up 4.8% on Thursday.

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