On November 5, Italian luxury car brand Ferrari released its financial data for the third quarter of the 2024 fiscal year, ending on September 30:
- Net revenue increased by 6.5% year-on-year to €1.644 billion;
- Total shipments reached 3,383 units, down 2.2% from the previous year;
- Adjusted EBIT (Earnings Before Interest and Taxes) rose by 10.3% year-on-year to €467 million, with an adjusted EBIT margin of 28.4%;
- Adjusted net profit was €375 million, with adjusted diluted earnings per share at €2.08;
- Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew by 7.1% year-on-year to €638 million, with an adjusted EBITDA margin of 38.8%.
Ferrari CEO Benedetto Vigna stated, “The third quarter once again shows growing results for Ferrari, driven by a strong product mix and increased personalization. It confirms our commitment to deliver on the promises we made at our Capital Markets Day in 2022, along with the exceptional order book visibility well into 2026, continuous product innovation – as evidenced by the F80 supercar just unveiled – and process innovation, with the strengthening of our in-house electrification expertise. The shutdown of the Maranello gas-fueled trigeneration plant, ahead of target, also marks a further step towards our 2030 carbon neutrality goal.”
By region, this quarter saw shipments increase by 28 units in EMEA, decrease by 26 units in the Americas, drop by 114 units in the Chinese Mainland, Hong Kong, and Taiwan, and rise by 36 units in other Asia-Pacific regions.
Deliveries of the Ferrari Purosangue, Roma Spider, and 296 GTS drove this quarter’s performance. Shipments of the SF90 XX Stradale increased, and the first few units of the SF90 XX Spider have started delivery. Sales of the 812 Competizione A decreased as it approaches the end of its product lifecycle, while the 812 Competizione and Roma are gradually being phased out. The allocation of the Daytona SP3 increased year-on-year, in line with planning.
During the reporting period, Ferrari announced that from January 1, 2025, Italian banking group UniCredit S.p.A. will collaborate with Ferrari to support its Formula One racing activities.
Since October, Ferrari’s operational highlights include:
- On October 1, Ferrari announced the closure of its Maranello trigeneration plant to further replace a significant proportion of methane gas consumption with renewable energy, aligning with the decarbonization goals set out at Ferrari’s 2022 Capital Markets Day.
- On October 17, Ferrari unveiled the F80, marking a new chapter in the legacy of Ferrari’s iconic supercars. The F80 will be produced in a limited run of 799 units, joining legendary models like the GTO, F40, and LaFerrari in showcasing the brand’s pinnacle of technological and performance achievements.
- On October 23, Ferrari announced a multi-year partnership renewal with Shell, effective January 1, 2026, covering the Scuderia Ferrari HP, Ferrari Hypercar, and Ferrari Challenge series.
- As part of the fifth tranche of a new multi-year common share repurchase program announced on September 30, 2022, Ferrari repurchased 157,278 common shares from October 1, 2024, to November 1, 2024, at a total cost of €66.4 million. As of November 1, 2024, the company held 14,678,349 common shares, representing 5.71% of its total issued share capital, including ordinary shares and special voting shares, excluding those allocated to company equity incentive plans.
| Source: Official Financial Report
| Image Credit: Official Website
| Editor: LeZhi
