MILAN — Ferrari raised its forecasts for full-year revenue and core earnings after better results in the second quarter.
The sports-car maker now sees adjusted earnings before interest, taxes, depreciation and amortization of as much as 2.22 billion euros ($2.44 billion) this year, up from as much as 2.18 billion euros announced in February.
Ferrari raised its full-year sales outlook to 5.8 billion euros from a previous guidance of about 5.7 billion euros.
The guidance upgrade was supported in particular by better than expected results in personalizations, CEO Bendetto Vigna said in a statement on Wednesday, as well as by a strong product mix.
Personalizations are the added touches that a customer requests to make the car more suited to their tastes.
The forecast for full-year EBITDA margin, however, remained unchanged at around 38 percent. The expected cash generation was also broadly unchanged, seen at around 900 million euros versus a previous guidance of up to 900 million euros.
Q2 profit jump
In the second quarter Ferrari’s adjusted EBITDA was up 32 percent to 589 million euros. Revenue was 1.47 billion euros.
Car shipments were slightly down in the quarter, in all regions except for Europe. Hybrid deliveries accounted for 43 percent of total shipments, more than doubling the prior year figure.
Ferrari said pricing power contributed to the quarterly result “mainly reflecting the enrichment of the product mix,” sustained by the Daytona SP3, the 812 Competizione and the SF90 models.
“We continue to manage a very strong order book in all geographies,” Vigna said.
Ferrari plans to unveil its first full-electric car in the fourth quarter of 2025. Battery-only as well as plug-in hybrid models are slated to dominate the its portfolio in the second half of the decade.
Ferrari has been hiking the prices of some of its models with its wealthy customers less hindered by soaring inflation and rising interest rates.
Reuters and Bloomberg contributed to this report