Ferrari Shares Accelerate On Strong 2023 Outlook Despite "Complex Global Macro" Turmoil
Despite the stock, bond, and crypto turmoil last year, Italian supercar maker Ferrari posted full-year profits up 13% year-over-year and revealed an even stronger outlook for 2023. The CEO said robust supercar sales were fueled by "persistently high demand for our products worldwide."
For the fourth quarter, Ferrari reported earnings per share of $1.33 from sales of $1.5 billion. Wall Street analysts were satisfied with the earnings.
"Last year ended with outstanding financial results that met and exceeded our guidance and set new records across all metrics, such as a net profit of €939M and an industrial free cash flow generation of €758M. These figures provide the base for an even stronger 2023, fueled by a persistently high demand for our products worldwide."
"Despite a complex global macro scenario, we look ahead with great confidence, encouraged by the many signs and achievements of an evolving Ferrari," CEO Benedetto Vigna said.
Ferrari shipped an impressive 13,221 vehicles in 2022, up 19% from 2021. This was a new record for the company.
US-listed shares of Ferrari were up nearly 5% in premarket trading. Shares traded near 2021 highs.
Analysts from Credit Suisse were surprised by the strong 2023 outlook. Morgan Stanley analysts said the guidance was solid and supportive.
Ferrari is bucking the trend as the overall auto industry wanes. High-interest rates have sparked an affordability crisis, while average folks with high monthly car payments struggle to service their debts.
What's impressive with robust Ferrari sales and a strong outlook for this year is that demand has yet to be impacted by market turmoil. Last fall, we noted that "crypto bros" were panic-selling G-Wagons and McLarens while Bitcoin tumbled to a low of $15,500.