Ferrari presented the consolidated preliminary results relating to the third quarter and ai nine months concluded on September 30, 2024, which closed with a solid increase in turnover and double-digit growth in profitability. Results – he explains Benedetto VignaCEO of Ferrari – who benefit from “a strong product mix and a greater contribution from customizations”, but also from the “exceptional visibility offered by the order book, which covers most of 2026”.
The manager also recalled “the constant product innovation – evidenced by the F80, the supercar just presented – and process innovation, with the strengthening of our internal skills in the field of electrification” and the commitment towards carbon neutrality by 2030, through the shutdown of the Maranello gas trigeneration plant, ahead of targets.
The results of the quarter
The Maranello team closed the quarter with net revenues equal to 1,644 million euros, in growth of 6.5% compared to the previous year. The adjusted EBITDA it reaches 638 million, in 7.1% increase compared to the previous year, with an Adjusted EBITDA margin of 38.8%, while the adjusted EBIT equal to 467 million, increased by 10.3% compared to the previous year, with an adjusted EBIT margin of 28.4%. Adjusted net profit increases by 13% to 375 million of euros, while adjusted diluted EPS grows by 14% to 2.08 euros.
For the nine months there was an 11% growth in turnover to over 4.9 billion euros, while the adjusted EBIT increased by 14% to 1.4 billion. Adjusted net profit reached 1.1 billion, up 18% on the first nine months of 2023.
Deliveries slightly down in the quarter
In the third quarter of 2024 the cars delivered they reached 3,383 units, with one decrease of 2.2% compared to the previous year. The quarterly deliveries reflected the choices of geographic allocation: the region EMEA recorded an increase of 28 units, the Americas a decrease of 26 units, the Mainland China, Hong Kong and Taiwan they recorded a
decrease of 114 units and the rest of APAC (Asia-Pacific) reported an increase of 36 units.
Cash Flow and financial position
The solid generation of industrial free cash flowequal to 364 million euros, was driven by the increase in adjusted EBITDA and by the positive change in working capital, funds and other items for 12 million, partly offset by capital expenditure for 249 million and net interest and taxes for 27 million.
Net industrial debt at 30 September 2024, equal to 246 million compared to 441 million at 30 June 2024, also reflects the buyback of own shares for 147 million. At 30 September 2024, total available liquidity was equal to Euro 2,079 million (1,882 million at 30 June 2024), including committed and unused credit lines of 550 million.
Optimistic outlook for 2024
Thanks to these solid results, the house of the prancing horse has formulated positive forecast for the 2024 financial yearpointing revenues exceeding 6.55 billion euros and a gross operating margin adjusted over 2.5 billion euros, with an operating margin of over 38%. Then waited a adjusted operating result over 1.82 billion euros and a adjusted net profit per share it is over 7.9 euros. Industrial cash flow is indicated as up to 0.95 billion euros.
