DELIVERING STRONG RESULTS LEADING TO UPWARD REVISED 2022 GUIDANCE ON ALL METRICS
Maranello (Italy), November 2, 2022 – Ferrari N.V. (NYSE/EXM: RACE) today announces its consolidated preliminary results for the third quarter and nine months ended September 30, 2022 – summarized below:
- Total shipments of 3,188 units, up 15.9% versus Q3 2021
- Net revenues of Euro 1,250 million, up 18.7% versus prior year
- EBITDA of Euro 435 million, up 17.1% versus prior year
- EBIT of Euro 299 million, up 10.5% versus prior year
- EBITDA margin of 34.8% and EBIT margin of 23.9% in the quarter, resulting in 35.0% and 24.9% in the nine months of 2022 respectively
- Net profit of Euro 228 million and diluted EPS at Euro 1.23
- Industrial free cash flow generation of Euro 219 million in the quarter
“The very robust financial results we present today are a further proof of the strength of our business. Our long term strategy continues to drive profitability, harnessing our resilience towards a macroeconomic scenario that brings new challenges on a global scale. In the third quarter of 2022, revenues, EBITDA and EBIT grew double digit against the same period in 2021, with a sound industrial free cash flow generation. And all these lead us to revise upward our 2022 guidance on all metrics. Today, we continue to manage an outstanding order book: with the exception of few models, our entire range is sold out.” – commented Benedetto Vigna, Chief Executive Officer of Ferrari. “We continue on our path to carbon neutrality by 2030 by adding new photovoltaic panels, reducing aluminum consumption and recovering heat dispersion. Sustainability is key for us and we address it through a scientific and holistic approach along the entire value chain.”
Today, management will hold a conference call to present the Q3 2022 results to financial analysts and institutional investors. Please note that registering in advance is required to access the conference call details. The call can be followed live and a recording will subsequently be available on the Group’s website https://www.ferrari.com/en-EN/corporate/investors The supporting document will be made available on the website prior to the call.
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