Ferrari Orders Bounce All the Way Back to Pre-Pandemic Level
(Bloomberg) -- Ferrari NV is fielding orders for its six- and seven-figure supercars at rates similar to this time last year as the Italian manufacturer bounces back from pandemic disruptions.
Orders in October were up some 30% from monthly intake seen in the first quarter and essentially in line with the end of last year, Chief Executive Officer Louis Camilleri told analysts Tuesday after reporting better-than-expected earnings. The carmaker said annual results will be at the high end of its forecast range, sending its U.S.-listed shares surging as much as 7.3%.
“Expectations had softened on the way into results, which have once again shown the dependability of Ferrari’s business model,” Angus Tweedie, an analyst at Citigroup, wrote to clients.
Ferrari’s pricing and sales mix that skewed to higher-end models made up for lower volume in its first quarter of fully restored production capacity. The manufacturer controlled by the Agnelli family’s investment company Exor NV reported 330 million euros ($386 million) of adjusted earnings before interest, tax, depreciation and amortization, topping analysts’ average estimate for 300 million euros.
Adjusted Ebitda, industrial free cash flow and other figures will be at the high end of the full-year earnings projections given in August, Ferrari said. The Maranello, Italy-based company adjusted guidance three months ago to reflect the impact of a seven-week factory shutdown.
Camilleri, a former Philip Morris International Inc. executive, has been revamping Ferrari’s lineup so it can keep boosting prices. The company introduced five new models in 2019, which helped boost annual sales to more than 10,000 units for the first time. Deliveries of the SF90 Stradale and Roma are on track to start in the fourth quarter, and a more powerful Portofino will be available in the second quarter of next year.
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