Net revenues +10.9%, net income +19%, and 3,560 units delivered: Ferrari’s first quarter 2024 was a triumph. Focus on value, a winning mix of products and markets, increased customization, and a forward-looking strategy toward electric: this is the recipe for the Prancing Horse’s success.
Ferrari, 2024 Q1 triumph: a value-focused success
Apparently, Ferrari intends to continue reaching great goals at high speed. Actually, if we carefully look at Q1 2024 we can readily note that it closed with triumph for the Cavallino Rampante. Numbers speak for that: net revenues up 10.9 percent year-on-year to 1.6 billion euros, and net income jumping decisively ahead by 19 percent to 352 million euros. A success that does not stop at the numbers alone, but is also reflected in the 3,560 units delivered, virtually unchanged from 2023.
But what would be Ferrari’s winning strategy? The answer seems to be in a careful focus on value instead of volume. A winning mix of products and markets, which in company with increased customization, has contributed to this outstanding result. Ferrari CEO Benedetto Vigna commented with great enthusiasm on this event. He confirmed that the beginning of the year was very positive: revenues and profits showed double-digit growth with stable deliveries. This result was achieved through a perfect mix of activities that Ferrari has studied with extreme precision. The ‘Prancing Horse’s strategy of value over volume continues to be successful precisely because of this.
But what about the future? It appears it may be even sunnier. Ferrari has in fact confirmed its 2024 prediction: net revenues over 6.4 billion euros and an EPS of at least 7.50 euros. But the news does not end there: by next month, the factory in which the production of hybrid and electric cars will take place will be ready, with the first fully electric Ferrari and that will wait until at least the fourth quarter of 2025.
Rounding out the picture are four new supercars by 2025 and a new sales record on the horizon as a goal to be achieved: 2024 has all the makings of a stellar year for Ferrari. We just have to follow the Maranello-based manufacturer’s next moves to find out what other big news awaits us.
But of course Ferrari is not just numbers and successes. Behind this Italian excellence lies a great passion for innovation and tradition. This unwavering commitment on the part of insiders, works hard to offer its customers a unique and inimitable driving experience. A perfect marriage of cutting-edge technology and iconic design that makes each Ferrari a work of art on four wheels.