Ferrari has raised its outlook on strong demand for higher-margin models such as the new €390,000 ($428,000) Prosangue.
Italian automaker now expects adjusted earnings before interest, taxes, depreciation and amortization to reach €2.18 billion ($2.4 billion) this year, up from €2 billion announced in June doing.
Ferrari also reported that fourth quarter sales and operating profit exceeded analyst expectations.
Ferrari’s adjusted EBITDA in the fourth quarter rose to €469 million, beating analyst estimates of €451 million on average.
Sales rose to €1.37 billion, slightly above analyst expectations of €1.29 billion.
“Despite the complex global macro-scenario, we look ahead with great confidence,” CEO Benedetto Vigna said Thursday, noting that the company saw “sustained high demand for our products around the world.” I added that I was looking at
Ferrari has increased prices on some models, benefiting from wealthy buyers being less affected by rapid inflation and rising interest rates.
The company is preparing to transition to electric vehicles, transforming its historic factory in northern Italy into a hub for battery-powered vehicles.
Ferrari rose 2.3% in Milan. The stock is up 17% this year.
The company’s sales increased by nearly a fifth last year, with the strongest growth in China and the Americas.
Ferrari said it expects to generate around €5.7 billion in revenue in 2023.
2025 will see the arrival of Ferrari’s first fully electric vehicle, with battery-only and plug-in hybrid models expected to dominate the company’s portfolio in the second half of 2020.
The automaker’s three plug-hybrid models, the 296 GTS, 296 GTB Coupe and Stradale SF90, accounted for 22% of last year’s shipments.
The automaker unveiled the Purosangue in September, which looks more like an SUV than the company’s traditional portfolio of low-floor, two-door sports cars.
The move is expected to expand Ferrari’s customer base.