The Ferrari SP38 seen at the 2022 Goodwood Festival of Speed on June 23 in Chichester, England.
Martin Lucy | Getty Images
Ferrari raised its guidance for 2022 after reporting record second-quarter results amid unprecedented demand for its expensive sports and grand touring cars.
The Italian supercar maker has been largely immune from the supply chain disruptions that have forced larger automakers to cut output over the past few quarters, thanks to low production volumes. Ferrari’s affluent clientele has also been somewhat shielded from the economic concerns that have begun to emerge in consumer data.
Based on first-half results and a solid order book, Ferrari said it now expects to report earnings per share between 4.80 euros and 4.90 euros for the full year, on revenue of approximately 4.9 billion euros. Investors were previously told to expect full-year earnings per share to fall between €4.55 and €4.75 on revenue of around €4.8 billion.
Ferrari’s second-quarter profit, revenue and shipments rose more than 20% year-over-year to new quarterly records. Net order intake also hit a record high in the quarter, CEO Benedetto Vigna said in a statement.
Here are the basic numbers:
- Earnings per share: €1.36, compared to €1.11 in Q2 2021.
- Revenue: €1.29 billion, versus €1.04 billion in Q2 2021.
Ferrari delivered 3,455 cars in the quarter, up 29% from a year ago, on strong demand for its V8-powered Portofino M convertible and mid-engined F8 sports car. The company also confirmed that it has started production of its new 296 GTB hybrid sports car with a V6 engine.
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