Ferrari closes the third quarter of 2024 with growing financial results. Net revenues amount to 1.644 billion euros (+6.5% compared to 2023). However, deliveries are down 2%, falling to 3,383 units. Market performance varies: EMEA region shows good results (+2%), while sales decline in the Americas (-2%) and especially in China and Taiwan (-29%).
Ferrari: growing revenues but declining deliveries in third quarter 2024
The Asia Pacific region outside China shows an increase in sales (+6%). EBIT reached 467 million euros, with a 10.3% increase and a margin of 28.4%, while net profit stands at 375 million euros, corresponding to a diluted earnings per share of 2.08 euros. EBITDA is 638 million (+7.1%) with a margin of 38.8%. Industrial free cash flow generation amounts to 364 million.
The Prancing Horse’s CEO Benedetto Vigna commented on the results emphasizing the solid performance: “The third quarter once again shows growing results for Ferrari, thanks to a strong product mix and increased contribution from personalizations. This confirms our commitment to keeping the promises made at the 2022 Capital Markets Day,” said Vigna, highlighting the importance of the innovation strategy, citing the launch of the Ferrari F80 supercar and progress towards carbon neutrality by 2030, as demonstrated by the early shutdown of the gas trigeneration plant in Maranello.
Thanks to these solid results, the Prancing Horse automaker has made positive forecasts for 2024, indicating revenues exceeding 6.55 billion euros and an adjusted gross operating margin over 2.5 billion euros, with an operating margin above 38%.