Ferrari reports double digit profits and revenues in earnings today, reaffirms 2024 guidance

Luxury supercar maker Ferrari reported positive earnings for Q1 2024 today, proving that companies which cater to the rich and famous have had far less of the inflationary pressures of other brands.

Encouraging sales from the12Cilindri and 12Cilindri Spider models, as well as a higher percentage of clients personalising their already bespoke vehicles, were great contributors according to Ferrari.

“Revenues and profits recorded double-digit growth with stable deliveries. This was achieved through an even stronger product and country mix, as well as a greater contribution from personalisations. Our value over volume strategy continues to be successful,” said CEO Benedetto Vigna in the announcement of the results. 

Profit climbs almost 20%

Ferrari’s adjusted net profits stood at €352 million for the quarter, a year-on-year increase of 19%.

Meanwhile, net revenues accelerated 11% year-on-year to sit at $1.58 billion.

Impressive EBITDA and EPS

EPS also saw a healthy increase at €1.95 per share, up 20% compared to the €1.63 EPS of Q1 2023.

Perhaps the most impressive figure of the financial results was Ferrari’s adjusted EBITDA (earnings before interest, tax, depreciation and amortisation), which rose 12.7% year-on-year to €605 million.

Guidance reaffirmed, with headwinds warnings

However, looking a little more closely at the company’s 2024 guidance, which it reaffirmed today, Ferrari has not completely dodged the difficult economic climate.

Ferrari confirmed that it expects greater than €6.4 billion in net revenues for the year, and that it will pay out a greater dividend of €7.50 in EPS in total for the year. However, it did cite that “cost inflation is to persist” and that free cash flow would be “partially offset by increased capital expenditures and higher tax payment”.

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