Ferrari expects ‘even stronger’ 2023 with more new models

The company forecasts adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2023 at €2.13 billion to €2.18 billion, up from €1.77 billion last year. doing.

Fourth-quarter Adjusted EBITDA increased 18% to €469 million. Earnings he increased to 1.37 billion euros.

Ferrari said it expects to generate around €5.7 billion in revenue in 2023.

The automaker unveiled the four-seater Purosangue in September. It looks more like a crossover than the company’s traditional portfolio of short two-door sports cars.

Purosangue’s plans are on schedule, Vigna said, with deliveries to clients expected to begin in the second quarter. “Purosangue’s orders are very high and far beyond our expectations,” he said.

Third Bridge analyst Olwa Mohammad said Prosangue will expand Ferrari’s customer base in 2023.

“Ferrari reported strong results with attractive profit margins and one of the most significant volume increases in the last 10-12 years,” he said.

RBC analyst Tom Narayan said he fears a conservative stance in 2023 due to currency headwinds and raw material prices. “However, today’s raise in guidance suggests that management has plenty of confidence in the mix and margins for 2023,” he said.

Electrification plan

Vigna said it is “perfectly on track” with its electrification plans, including launching its first all-electric vehicle in 2025.

“Since June of last year, we have made progress on both the product side and the development of our manufacturing facility,” he said.

According to a patent filed in the US last month by Ferrari, the company’s battery-electric cars will be fitted with sound systems that can transmit the brand’s distinctive noises. Reuters confirmed.

Ferrari is paying its employees the biggest bonus in years. Last year he started at €12,000, and this year around 5,000 workers will receive his €13,500 ($14,838).

Bloomberg contributed to this report

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