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☆ Ferrari names Lorenzo Giorgetti as chief racing revenue officer
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 7 (Reuters) - Ferrari (RACE.MI) said on Tuesday it had appointed Lorenzo Giorgetti to the newly-created position of chief racing revenue officer, tasked with boosting long-term relations with sponsors across all racing activities. Among his previous posts Giorgetti has been chief commercial officer at Serie A soccer club AC Milan and head of commercial management in the sports division of Italian publisher RCS Mediagroup (RCSM.MI), Ferrari said in a statement. He will directly report to Ferrari's CEO Benedetto Vigna and will also cover the booming Esports field of videogame sport competitions. It comes just after Ferrari appointed Frenchman Frederic Vasseur as its new Formula One team principal in an effort to regain competitiveness in its flagship competition. Ferrari's revenues from 'sponsorship, commercial and brand', which include those earned by its Formula One racing team through sponsorship agreements, rose 11% last year to 479 million euros ($512 million).

☆ Ferrari revs up for "even stronger 2023" after beating forecasts in Q4
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Companies Ferrari NV FollowMILAN, Feb 2 (Reuters) - Ferrari (RACE.MI) said on Thursday it saw "even stronger" results this year after posting a 16% increase in its core earnings in 2022, supported by increased sales volumes of its luxury sports cars. Ferrari said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 2.13-2.18 billion euros in 2023, from an above-guidance result of 1.773 billion last year. By 1145 GMT they were up 1.8%,In the fourth quarter, adjusted EBITDA rose 18% to 469 million euros ($516 million). "These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide," said Benedetto Vigna, Ferrari CEO. Deliveries of Ferrari's new 390,000 euro Purosangue are expected to start in the second quarter of this year.

☆ Ferrari lifts profit forecast after strong Q3, keeps cautious stance on margins
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

But the company added margin on adjusted EBITDA was now seen at around 35% for this year, versus a previous guidance of over 35%. It said industrial costs and research and development expenses weighed for an additional 34 million euros ($33.7 million) on its core result in the past quarter mainly due to higher depreciation and amortization and cost inflation. In the third quarter, adjusted EBITDA rose 17% to 435 million euros, supported by a double-digit increase in shipments. The result topped analyst expectations of 418 million euros, according to a Reuters poll. With a 73% increase, the China, Hong Kong and Taiwan region scored the largest shipment growth in the quarter.

☆ Ferraris and Aston Martins Are Still Selling Well—When They Can Be Built
▼ + stars: | 2022-11-02 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

The superrich are throwing more money than ever at fancy cars. That doesn’t always make them super-profitable to manufacture. Ferrari reported “remarkable order intake” alongside third-quarter earnings on Wednesday. The luxury-car maker doesn’t disclose reservations, yet orders for its Purosangue model—its long-discussed answer to sport-utility vehicles, launched in September with a starting price of €390,000 in Italy, equivalent to $385,000—are running “way above our most promising expectations,” said Chief Executive Officer Benedetto Vigna on a call with analysts.

☆ Ferrari raises its 2022 guidance again on red-hot demand for sports cars
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Ferrari on Wednesday again raised its guidance for the full year after shipments, revenue and earnings per share all rose by double-digit percentages during the third quarter. The Italian supercar maker now expects revenue of about 5 billion euros and adjusted earnings per share of about 5 euros for the full year. Here are the key numbers from the third-quarter earnings report:Earnings per share: 1.23 euros vs. 1.18 euros expected by Wall Street analysts polled by Refinitiv. 1.23 euros vs. 1.18 euros expected by Wall Street analysts polled by Refinitiv. Revenue: 1.25 billion euros vs. Wall Street's estimate of 1.16 billion euros per Refinitiv.

The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. They cover almost 70,000 workers in Italy, two thirds of them at the former Fiat-Chrysler, which last year merged with France's PSA to create Stellantis, whose brands also include Peugeot and Jeep. Spokespeople for Stellantis and Iveco said they would not make any comment until unions have filed a formal request, in coming days or weeks. The Agnelli family's holding company Exor (EXOR.AS) is a major shareholder in carmakers Stellantis and Ferrari, truckmaker Iveco and agricultural and construction machine maker CNH Industrial. This is separate from a national contract for workers in other parts of the metal and mechanical sector.

☆ Ferrari’s SUV clears road to bold sales target
▼ + stars: | 2022-09-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Guglielmo Mangiapane/File PhotoMILAN, Sept 14 (Reuters Breakingviews) - Ferrari’s (RACE.MI) long-awaited Purosangue SUV will propel the Italian sports carmaker towards its bold revenue target read more . Rival Lamborghini’s Urus SUV is already on sale. That implies car sales of perhaps 5.4 billion euros, after excluding sponsorship and other revenue. That’s 1.2 billion euros of revenue. He could make 5.5 billion euros in car revenue before even hiking price tags.

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