Ferrari’s third quarter earnings report reveals that the Italian brand is on track for record earnings in 2021.
In the three months to October, Ferrari delivered 2750 cars, up 18.9% compared to the same period in 2020 and 11.2% up on 2019’s figures.
Year-to-date, it has made 8206 shipments, a 27% increase over this point last year, which has helped to drive a 30% year-on-year increase in net revenue to €3.1 billion (AUD$4.76 billion) and a 79% increase in net profit, which is currently running at €619 million (AUD$966 million).
The brand’s V8-powered sports car range, which currently comprises the F8 Tributo, SF90 Stradale, Roma and Portofino M, was the main growth driver, with sales in this segment surging 39.4%, while sales of V12 cars dropped 35.1%. Ferrari attributes this decline to “reduced volume of the 812 Superfast”, which entered its fourth year of production this year.
Notably, Ferrari highlights that collecting payments for the new 812 Competizione – its most powerful combustion-engined road car yet – generated €242 million (AUD$377 million) in revenue last quarter. All 999 hardtop and 599 convertible variants were sold prior to the car’s unveiling in May.
While growth was recorded in all regions last quarter (1.6% in Europe, the Middle East and Asia, and 40.1% in the Americas) it was a 109.2% across mainland China, Hong Kong and Taiwan which had the heaviest impact on sales figures.
Elsewhere, Ferrari noted a “strong contribution from personalisations” as a factor in the growth of its revenue from ‘cars and spare parts’, while a 24.8% increase in revenue from engine supply was chalked up to increased demand from Maserati (which uses a Ferrari V8 in the Levante and Quattroporte) and the rental of its F1 power units by rival teams Haas and Alfa Romeo Racing.
Ferrari has revised its 2021 financial forecasts to account for the overall uptick, taking into account a wider post-pandemic return to normality and a resumption of its usual operational and marketing costs. It now expects to net €4.3 billion (AUD$6.71 billion) in revenue in 2021, up £800m over 2020.