Ferrari’s revenue and earnings growth impress.
Ferrari delivered 2671 cars during the second quarter, registering 8.4% unit growth over the previous year. Revenues increased proportionally to 984 m€ while operational margin remained stable 24.3%. This allows Ferrari to record 184 m€ of net profit, up 15%.
The geographical split showed contrasted dynamics, with Europe and the Middle East recording +11.4%, Americas shrinking by -5.5%, the Greater China group at +63.3% and the rest of APAC at +5.8%.
On the swiss market, Ferrari registered 225 cars in the first half of 2019, representing a growth of 5.6%. The swiss market accounts for 9.4% of Ferrari sales in the EMEA region.
Sport cars (488, 812) deliveries accounted for 40% of sales, while the GT segment (Portfofino, GTC4Lusso) represented 31% and 29% fell in the Specials category (488 Pista & Pista Spider). This product mix has a favorable impact on Average Selling Prices which compensate the Portofino effect. V8 deliveries increased by 12.3% while V12 declined by just a few units.
The stars in the portfolio remain the Portofino and the 812 Superfast. Production of the 488 GTB and Spider is reaching its end ahead of the ramp of the F8 Tributo.
The revenues split illustrates the growth of the car business, the constant erosision of engine sales to Maserati (-33% year over year), and the robustiness of sponsoring revenues.
Ferrari reconfirms its guidance for 2019, with revenues in excess of 3.5 billion euros and an operational margin 24.5%. On the Milan stock exchange, Ferrari shares were dropping 4.2% at 143.25€ following the release of these results. The market cap of Ferrari is 27.48 billion euros, representing a multiple of 34.6 on current earnings.
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