Ferrari expects higher sales and profits this year after a record performance in 2022, driven by demand in the Americas and China, boosting strong demand for high-margin model expectations.
Ferrari said adjusted earnings before interest, tax, depreciation and amortization will be as high as 2.18 billion euros (currently about 16.045 billion CNY) this year, up from 2 billion euros announced in April. Ferrari also reported sales and operating profit for the fourth quarter, beating analysts’ expectations.
Ferrari’s adjusted Ebitda (profit before tax) in the fourth quarter increased to 469 million euros (currently about 3.452 billion CNY), exceeding analysts’ average estimate of 451 million euros. Revenue climbed to 1.37 billion euros (currently about 10.083 billion CNY), slightly higher than analysts’ forecast of 1.29 billion euros. Sales of Ferrari cars rose by nearly a fifth last year, with growth strongest in China and the Americas.
However, only 22 percent of Ferrari’s 2022 sales will be hybrids, with the rest being internal combustion engine vehicles. The first all-electric Ferrari is expected to launch in 2025, with battery-only and plug-in hybrid models expected to dominate Ferrari’s product portfolio after 2025.