MILAN, Feb 2 (Reuters) – Ferrari (RACE.MI) expects “even stronger” results this year, it said on Thursday after reporting a 16% jump in core earnings last year on the back of higher sales of its luxury sports cars.
Increased vehicle shipments were driven by the Ferrari Portofino M and the SF90 family, as well as the 296 GTB and 812 Competizione.
“Our order book is robust, it covers all this year and good part of the next one,” Chief Executive Benedetto Vigna told reporters.
Vigna said plans for the new 390,000 euro ($428,000)Purosangue four-seater were proceeding according to schedule, with deliveries to clients expected to start in the second quarter.
“Purosangue ordering has been extraordinarily high; well beyond expectations,” he said.
Third Bridge analyst Orwa Mohamad said the new Purosangue will increase Ferrari’s customer base in 2023.
“Ferrari reported a strong performance with attractive profit margins and one of the most significant volume increases over the last 10-12 years,” he said.
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The company guided for adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) between 2.13 billion and 2.18 billion euros in 2023, up from last year’s better than expected 1.773 billion euros.
Fourth-quarter adjusted EBITDA rose 18% to 469 million euros.
The carmaker’s Milan-listed shares extended gains after its results were published and were up 4.1% at 1320 GMT.
“These figures provide the base for an even stronger 2023, fuelled by persistently high demand for our products worldwide,” Vigna said.
($1 = 0.9106 euros)
Reporting by Giulio Piovaccari
Editing by Keith Weir and David Goodman
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