Ferrari’s profits jumped by 13 per cent in 2022, beating Wall Street expectations and Ferrari’s own guidance.
The Italian car manufacturer earned €939 million ($1.022 billion) last year, the equivalent of €5.09 ($5.54) per share on revenue of €5.095 billion ($5.55 billion). Total revenue for the fourth quarter hit €1.386 billion ($1.51 billon), a healthy increase from the €1.172 billion ($1.28 billion) of Q4 2021 while earnings per share in Q4 also rose from €1.16 ($1.26) to €1.21 ($1.32).
Ferrari managed to ship a total of 13,221 vehicles in 2022, representing a new record for the company and up almost 19 per cent from 2021.
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“Last year ended with outstanding financial results that met and exceeded our guidance and set new records across all metrics, such as a net profit of Euro 939 million and an industrial free cash flow generation of Euro 758 million,” Ferrari chief executive Benedetto Vigna said. “These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide. Despite a complex global macroscenario, we look ahead with great confidence, encouraged by the many signs and achievements of an evolving Ferrari.”
Europe, the Middle East, and Africa was the largest market for Ferrari in 2022, accounting for 5,958 sales. It was followed by the Americas with 3,447 sales, a 22 per cent increase of 2021, Mainland China, Hong Kong, and Taiwan with 1,552 sales (73 per cent greater than 2021), and the rest of the Asia Pacific region with 2,264 sales, a 17 per cent increase.
Ferrari says its increase in shipments this year was driven by the popularity of the Portofino M and SF90 Stradale and Spider, as well as the 296 GTB and 812 Competizione. The first few deliveries of the Daytona SP3 also commenced in the fourth quarter.
Ferrari forecasts a strong 2023 and expects net revenues to hit €5.7 billion ($6.2 billion).
