Ferrari raises its 2022 guidance again on red-hot demand for sports cars

Ferrari connected Wednesday again raised its guidance for the afloat twelvemonth aft shipments, gross and net per stock each roseate by double-digit percentages during the 3rd quarter.

Still, Ferrari's nett borderline fell arsenic it shipped a little profitable premix of vehicles during the period.

The Italian supercar shaper present expects gross of astir 5 cardinal euros and adjusted net per stock of astir 5 euros for the afloat year. It past raised its 2022 guidance successful August, telling investors to expect gross of astir 4.9 cardinal euros and adjusted net per stock of betwixt 4.80 euros and 4.90 euros for the year.

Ferrari's shares fell astir 1% successful premarket trading. Here are the cardinal numbers from the third-quarter net report:

• Earnings per share: 1.23 euros vs. 1.18 euros expected by Wall Street analysts polled by Refinitiv.
• Revenue: 1.25 cardinal euros vs. Wall Street's estimation of 1.16 cardinal euros per Refinitiv.

"Today, we proceed to negociate an outstanding bid book: with the objection of fewer models, our full scope is sold out," CEO Benedetto Vigna said successful a statement.

Ferrari shipped 3,188 vehicles successful the 3rd quarter, up 16% from a twelvemonth ago. The summation successful deliveries was driven by the ramp-up successful accumulation of the six-cylinder hybrid 296 GTB sports car, Ferrari said. But those gains were partially offset by little shipments of the higher-priced eight-cylinder hybrid SF90.

The alteration successful premix led to a diminution successful Ferrari's EBIT (earnings earlier involvement and tax) margin, to 23.9% from 25.7% successful the 3rd 4th of 2021.

Ferrari's new-model pipeline remains robust. The institution unveiled its first-ever SUV, the Purosangue, successful September. Deliveries volition statesman successful mid-2023. An open-roof mentation of the 296 sports car, called 296 GTS, is besides expected to statesman shipping successful the archetypal fractional of adjacent year.

Ferrari has been mostly unaffected by the planetary supply-chain issues that person hampered larger automakers' production, arsenic its full accumulation volumes are small.

Meanwhile, request has remained strong. The company's affluent customers are little affected by the near-term economical concerns that whitethorn beryllium starring mainstream consumers to trim spending.