Ferrari 2022 profits jump 13% as supercar maker braces for strong 2023

Ferrari On Thursday, it announced annual profits up 13% year-on-year and guided to an even stronger year in 2023 thanks to what its CEO called “continuing high demand” for sports cars. high-priced company.

Here are the key numbers from the fourth quarter earnings report:

Ferrari 2022

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Ferrari 2022

• Earnings per share: 1.21 euro, compared to 1.16 euro in the fourth quarter of 2021.
• Returned: €1.368 billion, compared to €1.172 billion in the prior year quarter.

For the full year, Ferrari earned 939 million euros, or 5.09 euros per share, on sales of 5.095 billion euros. Both were above expectations:

Wall Street analysts polled by Refinitiv expected full-year earnings per share of 4.94 euros on revenue of 4.977 billion euros .

The results also beat Ferrari’s own advice. Ferrari had raised its 2022 guidance in August and again in November, more recently telling investors to expect revenue of around €5 billion and adjusted earnings per share of around €5. for the full year.

Despite the strong results, Ferrari’s operating margin in the fourth quarter fell to 21.8% from 22.6% a year ago.

That profit margin from a year ago was boosted by the first of Ferrari’s seven-figure Icona models, the Monza SP1 and SP2; shipments of the Monza’s successor, the Daytona SP3, did not begin until the very end of 2022.

Still, Ferrari shipped 13,221 vehicles in 2022, up nearly 19% from 2021, setting a new record.

Ferrari expects more records in 2023: its forecast calls for revenue of around 5.7 billion euros in 2023, with adjusted earnings per share between 6 euros and 6.20 euros. It also sees an increase in operating margin, to around 26%, fueled by the Daytona and the upcoming Purosangue SUV.

“Despite a complex global macro-scenario, we look to the future with great confidence,” CEO Benedetto Vigna said in a statement.

U.S.-listed Ferrari shares rose more than 2% in premarket trading on Thursday.