AP

Ferrari earnings up 22% on surging deliveries to Americas

Aug 2, 2022, 4:48 AM | Updated: 10:45 am

MILAN (AP) — Luxury Italian automaker Ferrari raised its 2022 forecast Tuesday after reporting a 22% increase in second-quarter earnings as sales in the Americas surged.

The maker of high-performance luxury sports cars reported net profits of 251 million euros ($257 million) in April through June, up from 206 million euros in the same period of 2021. Revenue was up by a quarter, to 1.29 billion euros.

Ferrari, based in the northern Italian city of Maranello, raised its net revenue forecast to 4.9 billion euros, from 4.8 billion euros, and set 1.7 billion as the lower end of the range, instead of the upper, for adjusted earnings before interest, taxes, depreciation and amortization.

Shipments in the period rose by 29%, to 3,455 vehicles, compared with the second quarter of 2021. That was driven by the Americas, where sales more than doubled, to 1,053 cars from 649.

Traditional internal combustion engines dominated deliveries, at about 83%, while three hybrid engine models accounted for just 17% of sales.

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Ferrari earnings up 22% on surging deliveries to Americas