Ferrari’s 2022 incomes dive 13%, supercar maker guides to strong 2023

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Ferrari CEO Benedetto Vigna presents for a picture as Ferrari reveals a brand-new long term technique, in Maranello, Italy, June 15, 2022.

Flavio Lo Scalzo|Reuters

Ferrari on Thursday reported full-year revenue up 13% year over year and assisted to an even more powerful year in 2023 on what its CEO called “persistently high demand” for the business’s expensive cars.

Here are the essential numbers from the fourth-quarter incomes report:

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  • Earnings per share: 1.21 euros ($ 1.32), versus 1.16 euros in the 4th quarter of 2021.
  • Revenue: 1.368 billion euros, versus 1.172 billion euros in the year-ago quarter.

For the complete year, Ferrari made 939 million euros, or 5.09 euros per share, on earnings of 5.095 billion euros. Both were above expectations: Wall Street experts surveyed by Refinitiv had actually anticipated full-year incomes per share of 4.94 euros on earnings of 4.977 billion euros.

The outcomes likewise beat Ferrari’s own assistance. The business had actually raised its 2022 assistance in August and once again in November, most just recently informing financiers to anticipate earnings of about 5 billion euros and adjusted incomes per share of about 5 euros for the complete year.

Despite the strong outcomes, Ferrari’s fourth-quarter operating margin slipped to 21.8% from 22.6% in the year-ago duration. That year-ago revenue margin was increased by the very first of Ferrari’s seven-figure Icona designs, the Monza SP1 and SP2; deliveries of the Monza’s follower, the Daytona SP3, didn’t start till the very end of 2022.

Ferrari Purosangue

Source: Ferrari

Still, Ferrari delivered 13,221 lorries in 2022, up almost 19% from 2021, notching a record.

Ferrari anticipates more records in 2023: Its assistance requires earnings of about 5.7 billion euros in 2023, with adjusted incomes per share in between 6 euros and 6.20 euros. It likewise sees an increase in running margin, to about 26%, powered by the Daytona and the upcoming Purosangue SUV.

“Despite a complex global macroscenario, we look ahead with great confidence,” CEO Benedetto Vigna stated in a declaration.

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