Ferrari profits skyrocket on back of record sales

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Ferrari is in rude financial health, its Q1 2019 financial reports revealing it makes more than AUD$100,000 on each car sold. As a publicly listed company Ferrari is required to share its financials each quarter and they make pleasing reading for investors.

 

PLUMP HORSE ‘$100K PER CAR’

Ferrari profi ts skyrocket on back of record sales


Maranello shipped 2610 cars in Q1 2019, a 23 per cent increase on the same period in 2018, primarily thanks to strong demand for the Portofino, V8 sales increasing 30.6 per cent and V12 4.1 per cent. In all, Ferrari generated $940m (AUD$1.5b) in revenue, up 13.1 per cent, of which AUD$1.1b came via cars and spare parts, AUD$94m from engine sales to Maserati and AUD$207m from sponsorship and commercial activities. What separates Ferrari is its margins.


Ferrari Monza SP1 '2018
Ferrari Monza SP1 '2018

So far this year, it has realised an EBITDA (earnings before interest, tax, depreciation and amortisation) margin of 33.1 per cent and a net margin of 19.2 per cent. By comparison, in 2018 BMW’s margins were 17.88 per cent and 7.33 per cent respectively.

In simple terms, divide Ferrari’s net profit by the number of cars it shipped and the result is almost $69,000 (AUD$110K) per car. Last year, Ferrari CEO Louis Camilleri stated he wanted to increase Ferrari’s EBITDA margin to 38 per cent by 2022.

To manage this, 15 new models were planned prior to that date, five of which will arrive in 2019. The first, the F8 Tributo, has already been unveiled and will be followed by a new hybrid super sports car at the end of May, a new hybrid GT in July, the F8 Tributo Spider in September and an 812 Spider in Q4.


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