MILAN: Sports car maker Ferrari raised its forecasts for full-year revenue and core profit on Tuesday after posting what it described as record results in the second quarter and saying its order book hit new highs.
“The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics,” Chief Executive Benedetto Vigna said in a statement.
“Also the net order intake reached a new record level in the (second) quarter,” added Vigna, who took charge of Ferrari last September.
The company guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of between 1.70-1.73 billion euros this year, versus a previous forecast of between 1.65-1.70 billion euros.
Adjusted EBITDA rose 15% in the April-June period to 446 million euros ($456 million) topping analyst expectations of 427 million euros, according to a Reuters poll.
Ferrari unveils hybrid V6 sports car to expand electric offer
However the margin on adjusted EBITDA fell to 34.6% in the quarter, from 37.4% a year earlier.
Milan-listed shares in Ferrari were down 1.4% by 1130 GMT, slightly underperforming Italy’s blue-chip index.
Ferrari, famed for its roaring engines, in June rolled out its new business plan, with a promise to make electric and hybrid cars 80% of it models by 2030.
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