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Ferrari closed the first quarter of 2024 with a net profit of 352 million euros, up 19% compared to the same period a year ago. Revenues rose by 10.9% to 1.585 billion, when car deliveries remained almost stable: 3,560 units compared to 3,567 in the first three months of 2023. Ebitda stood at 605 million euros, up by 12.7% year-on-year, with margin at 38.2% (up from 37.6%). Ebit was 442 million euros (+14.8%), with a margin of 27.9% (from 26.9%). The Maranello company confirmed its 2024 guidance: net revenues above 6.4 billion euros, Ebit equal to or greater than 1.77 billion with a margin equal to or greater than 27%, diluted earnings per share equal to or greater than 7.50 euros , Ebitda equal to or above 2.45 billion with a margin of 38% and industrial free cash flow exceeding 900 million euros.
The quarter’s deliveries reflected the geographical allocation choices made by Ferrari: consequently the EMEA region recorded an increase of 39 units to 1,573 (+3%), the Americas reported an increase of 35 units to 997 (+4% ), Mainland China, Hong Kong and Taiwan saw a decrease of 79 units to 317 (-20%), and the Rest of APAC region remained virtually unchanged at 673 units.
Industrial free cash flow amounted to 321 million euros. As of March 31, 2024, the company recorded an industrial net liquidity position of €38 million for the first time, compared to industrial net debt of €99 million as of December 31, 2023. The figure also reflects the share buyback of €136 million of Euro. As of March 31, 2024, total available liquidity amounted to €1.966 billion (€1.722 billion as of December 31, 2023), including unused committed credit lines of €600 million.
Vineyard: «Winning strategy»
«The start of the year was very positive: revenues and profits grew by double digits with stable deliveries. A result achieved thanks to an even stronger product and geographic mix, in addition to the greater contribution of customizations. Our strategy, focused on growth in value and not on volumes, has proven to be successful.” This was stated by Benedetto Vigna, CEO of Ferrari, commenting on the results for the first three months of 2024. «In line with this strategy, the execution of our industrial plan is continuing on schedule, with the enrichment of the vehicle range thanks to the recent launch of the 12Cilindri and the 12Cilindri Spider”, he added.
