Alexandre
Ferrari continues its impressive run in 2024, too in the face of a slight slowdown in sales in the third quarter. After a promising first halfthe Italian company maintains a solid outlook for the year, confirming its targets despite the challenges posed by a demanding global environment.
Financial results and sales performance
Ferrari third-quarter 2024 net revenues of €1.644 billionThis represents an increase of 6.5 % over the same period last year. Despite this increase in revenues, worldwide deliveries down 2.2 1TP3Q with a total of 3,383 units sold, compared with 3,459 in Q3 2023. This decline is said to be voluntary and partly due to Ferrari's strategic adjustments to the geographical distribution of its sales, aimed at maximize profitability by prioritizing top-performing markets.
Sales by region
In Europe, the Middle East and Africa (EMEA), sales rose by 28 unitsreaching 42 % of total deliveries. However, the chinese marketAs is the case for all automotive brands, including those in the luxury segment, challenges continue to arise, with a significant drop of 152 units.
Priority to high-end, highly profitable models
Ferrari has focused on the marketing of iconic models such as Purosangue and the Roma Spiderwhich meet strong demand from collectors and luxury enthusiasts. In addition, the launch of new F80 model was an instant success and all units have already been allocated to loyal collectors. Hybrid (PHEV) models now account for 55 % of sales, testifying to Ferrari's commitment to a gradual transition to more environmentally-friendly vehicles.
Record margin rate in Q3 2024
Ferrari continues to generate solid profitability, with adjusted EBIT of €467 million. an impressive margin of 28.4 %. Adjusted EBITDA amounted to €638 million, reflecting Ferrari's rigorous management of production costs and optimization of resources. The brand's performance in ancillary activities, notably lifestyle and sports sponsorship, continues to improve its financial position despite higher costs linked to racing and brand investments.
Outlook confirmed for the end of 2024
Ferrari remains confident about its objectives for the year, with revenue forecast revised to over 6.55 billion euros. The brand also includes adjusted EBIT of 1.82 billion euros, a margin of 27.5 %. Ferrari's ability to maintain an order book until 2026, largely thanks to exclusive models such as the 12Cilindri series, ensures continuity in its future growth. In our opinion, sales could approach 14,000 units by 2024.
| Years | Sales | CA | Benefits |
|---|---|---|---|
| H1 + Q3 2024 | 10427 | 4.93 billion | 1.14 billion |
| 2023 | 13663 | 5.97 billion | 1.25 billion |
| 2022 | 13221 | 5.09 billion | 939 million |
| 2021 | 11155 | 4.27 billion | €833 million |
| 2020 | 9119 | 3.46 billion | 609 million |
| 2019 | 10131 | 3.76 billion | 699 million |