Formula One F1 – British Grand Prix – Silverstone Circuit, Silverstone, Britain – July 7, 2023 Ferrari logo is pictured on a front wing during practice REUTERS/Andrew Boyers/File photo
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MILAN, Aug 2 (Reuters) – Luxury sports car maker Ferrari (RACE.MI) on Wednesday raised its forecasts for its full-year revenue and core earnings by a modest amount, after better results in the second quarter, supported by a “very strong” order book.
The company said it saw its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) growing this year to between 2.19-2.22 billion euros, versus a previous forecast of between 2.13-2.18 billion euros.
The guidance upgrade was supported in particular by better than expected results in personalisations, Chief Executive Bendetto Vigna said in a statement, as well as by a strong product mix. Personalisations are the added touches that a customer requests to make the car more suited to their tastes.
The forecast for full-year EBITDA margin, however, remained unchanged at around 38%. The expected cash generation was also broadly unchanged, seen at around 900 million euros versus a previous guidance of up to 900 million euros.
Milan-listed shares in the company erased small gains after results were published and by 1110 GMT were down 1.9%, among the worst performers in Italy’s blue-chip basket (.FTMIB).
Ferrari shares are however up around 40% this year.
In the second quarter Ferrari’s adjusted EBITDA was up 32% to 589 million euros ($646.4 million), broadly in line with analyst expectations of 580 million euros, according to a Reuters poll.
Car shipments were slightly down in the quarter, in all regions except for the EMEA one. Hybrid deliveries accounted for 43% of total shipments, more than doubling the prior year figure.
($1 = 0.9112 euros)
Reporting by Giulio Piovaccari, editing by Gianluca Semeraro and Keith Weir
Our Standards: The Thomson Reuters Trust Principles.
Ferrari nudges up full-year forecasts after improved results in second quarter
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