Ferrari (RACE.MI) reported a solid third-quarter performance with a 7% rise in core earnings despite a slight dip in shipments, driven by high demand for new luxury models. The Italian automaker saw a 60-million-euro boost, thanks to robust interest in its latest premium releases, including the 2-million-euro V12 Daytona SP3 and select units of the ultra-exclusive 5.1-million-euro 499P Modificata.
CEO Benedetto Vigna highlighted Ferrari’s “exceptional order book visibility well into 2026,” with the newly launched 12Cilindri lineup leading demand. This lineup, introduced in May, has contributed significantly to Ferrari’s positive forecast as the company prepares for the release of its highly anticipated first fully electric model next year.
Ferrari reported third-quarter adjusted EBITDA at 638 million euros ($695 million), in line with analyst expectations. Despite Ferrari’s stellar year, which saw shares climb around 40%, the stock took a 5.7% dip after earnings were released, as analysts described the results as “solid rather than spectacular.”
In the third quarter, Ferrari’s shipments declined by 2% to 3,383 units, including a 29% decrease in China—a region where Ferrari has limited exposure. Bernstein analysts noted the dip was unsurprising, seeing it as Ferrari’s strategic allocation of shipments to maintain premium margins. Shipments are anticipated to exceed last year’s levels in the fourth quarter.
Ferrari maintained its 2024 guidance with EBITDA expected to hit at least 2.5 billion euros ($2.7 billion), expressing greater confidence in meeting full-year targets.
