Ferrari’s Core Earnings Soar 27%
Increased deliveries of the Portofino M, the 296 GTB and the 812 Competizione models boosted the automaker's first-quarter earnings.
Ferrari reported $1.5 billion in revenue.
Jamil Rostum
Ferrari had a 27% rise in core earnings in the first quarter, $594 million, because of increased deliveries.
Sales of the Portofino M, the 296 GTB and the 812 Competizione models, as well as pricing capacity, drove the increase, reported the company in a statement.
CEO Benedetto Vigna said heightened demand for Ferrari's cars will extend into 2025. Ferrari also has reopened orders for the new Purosangue, which had been suspended because of “initial unprecedented demand," Vigna said.
Ferrari unveiled the Purosangue in September. The four-door car looks more like a crossover than the company's traditional two-door sports cars, which have a low-slung design. It is expected that the move will extend Ferrari's customer base.
The company reports deliveries of the 390,000-euro Purosangue will start in the current quarter.
Ferrari also unveiled the Roma Spider in March and has promised four additional model releases in 2023.
Ferrari reported $1.5 billion in revenue and that its margin on adjusted EBITDA grew 2 percentage points to 37.6%, compared to the same quarter in 2022.
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