Ferrari (RACE) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues reached €1.644 billion, up 6.5–7% year-over-year, with adjusted EBIT at €467–470 million (28.4% margin) and net profit at €375 million.

• Industrial free cash flow was €364 million, reflecting robust execution and growth.

• The order book remains strong, led by the 12Cilindri family and F80 supercar, with visibility into 2026.

• The F80 supercar was unveiled, fully allocated, and marks a milestone in electrification and technology transfer from racing.

• Progress in racing, lifestyle activities, and carbon neutrality, including the Maranello trigeneration plant shutdown.

Financial highlights

• Net revenues for Q3 2024 were €1,644 million, up 6.5–7% year-over-year, driven by richer product and country mix and higher personalizations.

• Adjusted EBIT increased 10.3% to €467 million (28.4% margin); adjusted EBITDA grew 7.1% to €638 million (38.8% margin).

• Net profit reached €375 million; industrial free cash flow was €364 million.

• Adjusted diluted EPS was €2.08, up 14% year-over-year.

• Net industrial debt at quarter-end was €246 million after €147 million in share repurchases.

Outlook and guidance

• 2024 guidance raised: net revenues expected above €6.55 billion, adjusted EBIT ≥€1.82 billion (≥27.5% margin), adjusted EBITDA ≥€2.5 billion (≥38% margin), industrial FCF up to €950 million.

• Confidence in guidance is based on strong order book, positive product/country mix, and increased personalizations.

• Q4 expected to see higher Daytona SP3 deliveries year-over-year but lower sequentially, with incremental OpEx from racing and lifestyle activities, persistent inflation, and higher D&A.

• Full-year industrial free cash flow will be impacted by higher CapEx for infrastructure and new product development.

• Lifestyle and racing activities expected to contribute more, with ongoing brand investments.