Italian luxury-car maker Ferrari on Wednesday raised its financial targets for the year slightly, after posting “exceptional” second-quarter results and double-digit revenue growth.
Adjusted net profit climbed 33.5% to €334 million, slightly ahead of the €307 million projected by US financial data analysts Factset.
Deliveries, however, fell 2%: the prestigious brand sold a total of 3,392 cars worldwide in the April-June period, according to a statement from the manufacturer.
“The second quarter ended with exceptional financial results, marked by high margins,” which enabled the group to raise its targets for 2023, commented group CEO Benedetto Vigna. He noted that Ferrari's order book was very full in all geographical areas.
Ferrari is now targeting sales of €5.8 billion for the entire year, up from €5.7 billion previously. Adjusted gross operating profit is expected to reach between €2.19 and €2.22 billion, compared with €2.13 to €2.18 billion previously projected.
By 2026, the carmaker is counting on sales of up to €6.7 billion, according to its strategic plan, presented in June 2022 at the group’s historic headquarters in Maranello, northern Italy.
Ferrari intends to achieve this target by launching 15 new models over the period 2023-2026.
Known for its powerful, roaring combustion engines, the luxury brand plans to introduce its first fully electric car in 2025.
Ferrari saw its sales climb 14.1% to reach €1.47 billion in the second quarter. Europe-Middle East-Africa remained its main market, with 1,638 vehicles delivered during the quarter, up 17.3%.
On the other hand, deliveries fell by 17.5% on the American continent and 5% in the China-Hong Kong-Taiwan region.
