Ferrari says it is on track to achieve top end of full year guidance

Worldwide
Published:  19 November, 2020
Ferrari 812 Gts

The super sports car manufacturer shipped 2,313 units in the third quarter of 2020, down 161 units or 6.5% year-on-year.

Ferrari has reported a total of 2,313 units delivered in the third quarter of the year (-6.5%), driven by the cadence of the company’s full year production plan, which projects a recovery of 500 units out of the 2,000 lost following the seven-week production suspension due to the Covid-19 pandemic. Sales of 8-cylinder models (V8) were down 12.8%, while the 12-cylinder models (V12) were up 15.4%.

Ferrari said the F8 Spider and the 812 GTS are in the ramp up phase reaching mainly EMEA, gradually offsetting the 488 Pista family and the Ferrari Portofino, “which have essentially reached the end of their lifecycle”. The Ferrari Monza SP1 and SP2 are said to continue to be delivered as originally scheduled, and deliveries of the SF90 Stradale and the Ferrari Roma are on track to start in the fourth quarter. According to the manufacturer, quarterly shipments were affected by the deliberate geographic allocations driven by the phase-in pace of individual models. As a result, EMEA increased 12.7%, Americas declined 34.7%, Mainland China, Hong Kong and Taiwan posted a decrease of 25.2%, while the rest of APAC was in line with the prior year.

Ferrari’s net revenues for the third quarter of 2020 totalled €888 million, down 3.2% at constant currency. The growth of revenues in cars and spare parts to €727 million (up 2.6% or 2.4% at constant currency) is said to reflect the positive mix thanks to the Ferrari Monza SP1 and SP2, partially offset by lower volume mostly due to the phase-out of the 488 Pista family, “which also implies a lower contribution from personalisations”, as well as the Ferrari Portofino reaching the end of its lifecycle. EBITDA grew 6.4% in the quarter, or 4.7% at constant currency, year-on-year, to €330 million with an EBITDA margin of 37.2%, up 330 basis points versus the prior year. Net Profit was €171 million, up 2% over the same quarter in 2019.