“The third quarter once again shows growing results for Ferrari, driven by a strong product mix and increased personalizations" said Benedetto Vigna, CEO of Ferrari. "It confirms our commitment to deliver on the promises we made at our Capital Markets Day in 2022, along with the exceptional order book visibility well into 2026, continuous product innovation – as evidenced by the F80 supercar just unveiled – and process innovation, with the strengthening of our in-house electrification expertise. The shutdown of the Maranello gas-fueled trigeneration plant, ahead of target, also marks a further step towards our 2030 carbon neutrality goal”.
Maranello (Italy), November 5, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results([1]) for the third quarter and nine months ended September 30, 2024.
Shipments totaled 3,383 units in Q3 2024, down 2.2% versus the prior year. Quarterly shipments reflected the deliberate geographic allocations. In the quarter EMEA(4) was up 28 units, Americas(4) was down 26 units, Mainland China, Hong Kong and Taiwan decreased by 114 units and Rest of APAC(4) increased by 36 units.
The Ferrari Purosangue, the Roma Spider and the 296 GTS drove deliveries in the quarter. Shipments of the SF90 XX Stradale increased and first few deliveries of the SF90 XX Spider commenced. The 812 Competizione A decreased, approaching the end of lifecycle, while the 812 Competizione and Roma phased out. The allocations of the Daytona SP3 increased versus prior year, in line with plans.
The product portfolio in the quarter included eight internal combustion engine (ICE) models and five hybrid engine models, which represented 45% and 55% of total shipments, respectively.
Total net revenues
Net revenues for Q3 2024 were Euro 1,644 million, up 6.5% or 7.0% at constant currency(1).
Revenues from Cars and spare parts(7) were Euro 1,400 million (up 5.2% or 5.8% at constant currency(1)), thanks to a richer product and country mix as well as increased personalizations.
Sponsorship, commercial and brand(8) revenues reached Euro 174 million, up 20.4% or 20.9% at constant currency(1) mainly attributable to new sponsorships.
Currency – including translation and transaction impacts as well as foreign currency hedges – had a slightly negative net impact of Euro 8 million, mostly related to the US Dollar and Japanese Yen.
Adjusted EBITDA(1) and Adjusted EBIT(1)
Q3 2024 Adjusted EBITDA(1) reached Euro 638 million, up 7.1% versus the prior year and with an Adjusted EBITDA(1) margin of 38.8%.
Q3 2024 Adjusted EBIT(1) was Euro 467 million, increased 10.3% versus the prior year and with an Adjusted EBIT(1) margin of 28.4%.
Volume was slightly negative (Euro 10 million), in line with the shipments decrease versus the prior year.
The Mix / price variance performance was positive (Euro 60 million), mainly reflecting the enrichment of the product mix, sustained by the Daytona SP3 and few sales of the 499P Modificata, increased personalizations and the positive country mix driven by Americas.
Industrial costs / research and development expenses decreased (Euro 11 million), primarily due to lower depreciation and amortization, in line with certain models phase out.
SG&A grew (Euro 23 million) mainly reflecting the continuous initiatives for software, digital infrastructure and organizational development, as well as brand investments.
Other changes were positive (Euro 14 million), mainly driven by the combined effect of new sponsorships and lower costs due to the revised Formula 1 in-season ranking assumptions.
Net financial charges for the quarter, were approximately Euro 1 million compared to net financial income of Euro 3 million of the prior year which also included the gain on bond cash tender realized in Q3 2023.
The tax rate([1]) in the quarter was 19.5%, mainly reflecting the estimate of the benefit attributable to the Patent Box and tax incentives for eligible research and development costs and investments.
As a result, the Adjusted Net profit(1) for the quarter was Euro 375 million, up 13.0% versus the prior year, and the Adjusted diluted earnings per share(1) for the quarter reached Euro 2.08, compared to Euro 1.82 in Q3 2023.
Industrial free cash flow(1) for the quarter was strong at Euro 364 million, driven by the increased Adjusted EBITDA(1) and a positive change in working capital, provisions and other for Euro 12 million, partially offset by capital expenditures([2]) of Euro 249 million and net cash interests and taxes for Euro 27 million.
Net Industrial Debt(1) as of September 30, 2024 was Euro 246 million, compared to a Euro 441 million as of June 30, 2024, also reflecting the share repurchases of Euro 147 million. As of September 30, 2024, total available liquidity was Euro 2,079 million (Euro 1,882 million as of June 30, 2024), including undrawn committed credit lines of Euro 550 million.
Even more confidence in the 2024 guidance, based on the following assumptions for the year:
Q3 2024 highlights:
Subsequent Events: