«The strong third quarter results are an important step towards the 2021 guidance revised upwards. Outstanding customer relationships, key to delivering double-digit growth in the quarter and year to date, are reflected in record order intake globally, particularly in China and the US. These results allow me to look to the future with great confidence and optimism ».
Benedetto Vigna, CEO of Ferrari since September 1, seems to be already firmly holding the wheel of the company. «For the first time in our history, revenues for the third quarter exceeded € 1 billion – Vigna told analysts on a conference call – The third quarter of 2021 was the best in history also in terms of free cash flow generation. As far as orders are concerned, it is the best quarter ever for all models and geographical areas, with the USA and Mainland China particularly strong ».
In fact, the Maranello house closes the third quarter with double-digit growth and is heading towards a new record year. Net revenues were 1.05 billion euros, + 18.6% compared to the previous year and + 15.1% on the third quarter of 2019. Total deliveries are 2,750, up 18.9% on the third quarter of last year and 11.2% on the same period of 2019. Net profit is 207 million, up 21%.
Ferrari thus revises its estimates upwards for the end of the year, naturally on the condition that no new restrictions due to the Covid-19 pandemic take place. Expected revenues greater than or equal to 4.3 billion euros (3.5 billion in 2020), adjusted diluted earnings per share of 4.30 euros (2.88 last year) and adjusted ebitda of approximately 1.52 billion ( the previous estimate was between 1.45 and 1.5 billion), ebit of 1.05 billion (it was expected between 0.97 and 1.02 billion), industrial free cash flow of approximately 550 million euro (from 450 million).
The third quarter EBITDA was 371 million euros, + 12.4% compared to the previous year and + 19.6% compared to the third quarter of 2019. The EBITDA margin was 35.2%. EBIT is 270 million, up 21.8% compared to the previous year and 19.2% compared to the third quarter of 2019. The EBIT margin is 25.7%. The generation of industrial free cash flow was very strong, amounting to 242 million euros, supported by the collection of advances on the 812 Competizione. Finally, net industrial debt at 30 September 2021 was 368 million, compared to 552 million at 30 June 2021.
Ferrari, says Vigna, is more than ever ready to seize all opportunities. “I believe that, as it has always done, it will stand out once again for its creativity and ability to apply and interpret the vast range of technologies of the future, and always with our uncompromising style”.
So, full speed ahead with the electric breakthrough and the new models. «Let’s go ahead – explains Vigna – with our electrification process that began years ago with the LaFerrari and continued with the SF90 Stradale. I confirm what the president said in the last call: Ferrari’s first electric car will be presented in 2025. You will have the complete plan on the occasion of Capital Markets Day on June 16, 2022 ». Also next year Purosangue, the first SUV of the house, will be unveiled. But already by the middle of this month the second model of the Icon series will arrive, after the Monza Sp1 and Sp2. “Today we have a complete product range like never before, the Ferrari 296 Gtb with the V6 hybrid engine launched in June was received with great enthusiasm”.
Inevitable, even with financial analysts, a passage on Formula 1, a cross and (little) delight for the Reds for some time. «In Formula 1 – says Vigna – even in the last few races we have seen some positive signs of progress. Racing on the track is deeply in Ferrari’s DNA throughout our history. So it is today, so it will be in the future. We are making important progress in our motorsport activities. In August our 488 Gte Evo won at Le Mans, a circuit we will return to in 2023 to compete at the highest levels with our hypercar ».
With Vigna la Rossa he has chosen to accelerate on technological innovation, putting a man behind the wheel who has made a reason for living out of this theme. After the sudden resignation of Louis Camilleri, who in turn took over in the run-up to the death of Sergio Marchionne in July 2018, and the interim of president John Elkann, the Prancing Horse company finally has a new CEO with whom to design the future. Fifty-two years old, Lucanian from Pietralata (Potenza), a degree in subnuclear physics at the University of Pisa, Vigna comes from STMicroelectronics, where he was head of the Analogici, Mems (Micro-electromechanical Systems) and Sensors group.
“I have always had a great admiration for Ferrari, for its people, its achievements, its incredible cars and racing experience, all under a legendary brand known and respected all over the world – says the CEO – Ora that I have the privilege of being inside, leading this unique company, my admiration is much greater. The whole team made me feel at home from day one. There are three words that describe Ferrari: passion, excellence and innovation ».