Ferrari’s profits jump 13% in 2022, supercar maker expects an even better year in 2023

Ferrari on Thursday reported full-year profit up 13% year over year and guided to an even stronger year in 2023 on what its CEO called “persistently high demand” for the company’s high-priced sports cars.

Here are the key numbers from the fourth-quarter earnings report:

• Earnings per share: 1.21 euros ($1.32), versus 1.16 euros in the fourth quarter of 2021.
• Revenue: 1.368 billion euros, versus 1.172 billion euros in the year-ago quarter.

For the full year, Ferrari earned 939 million euros, or 5.09 euros per share, on revenue of 5.095 billion euros. Both were above expectations: Wall Street analysts polled by Refinitiv had expected full-year earnings per share of 4.94 euros on revenue of 4.977 billion euros.

The results also beat Ferrari’s own guidance. The company had raised its 2022 guidance in August and again in November, most recently telling investors to expect revenue of about 5 billion euros and adjusted earnings per share of about 5 euros for the full year.

Despite the strong results, Ferrari’s fourth-quarter operating margin slipped to 21.8% from 22.6% in the year-ago period. That year-ago profit margin was boosted by the first of Ferrari’s seven-figure Icona models, the Monza SP1 and SP2; shipments of the Monza’s successor, the Daytona SP3, didn’t begin until the very end of 2022.

Still, Ferrari shipped 13,221 vehicles in 2022, up nearly 19% from 2021, notching a record.

Ferrari expects more records in 2023: Its guidance calls for revenue of about 5.7 billion euros in 2023, with adjusted earnings per share between 6 euros and 6.20 euros. It also sees a boost in operating margin, to about 26%, powered by the Daytona and the upcoming Purosangue SUV.

“Despite a complex global macroscenario, we look ahead with great confidence,” CEO Benedetto Vigna said in a statement.

Ferrari’s U.S.-listed shares closed up 4.8% on Thursday.