Ferrari continues to anticipate a strong finish to 2023.
Ferrari is revving up the luxury automotive industry with another record-breaking quarter. The storied car manufacturer announced eye-popping numbers that have industry watchers and investors equally thrilled. With a net revenue increase of 23.5% to a staggering $1.6 million and an 8.5% rise in total shipments, the Prancing Horse is galloping into an optimistic year-end finish line.
This performance isn’t just about selling more cars; it’s about selling the right cars. The iconic brand’s success is driven by a richer mix of products and an unceasing demand for personalization—proving that when it comes to luxury vehicles, buyers are looking for an experience tailored to their unique tastes. Benedetto Vigna, Ferrari’s CEO, attributes this record quarter to the brand’s unparalleled appeal and distinctive experiences offered to their clientele, including exclusive events like the Ferrari Gala in New York and the Finali Mondiali at the Mugello circuit.
The third-quarter shipments totaled 3,459 units, a notable increase from the previous year. This includes the robust order book that covers all of 2025. The EMEA (Europe, Middle East, and Africa) saw an 8.3% increase, while the Americas surged by 21.1%, offsetting a slight dip in the Asia Pacific region. Notably, Ferrari’s product portfolio has been a significant contributor to these figures. With nine internal combustion engine (ICE) models and four hybrid models, the hybrid deliveries accounted for a lion’s share of 51.0% of total shipments in Q3. This shift towards hybrid technology underscores Ferrari’s commitment to innovation and sustainability—factors that are becoming increasingly important to consumers. The quarter also saw the company focusing on models that drive higher margins. The ramp-up of the 812 Competizione A and the Purosangue, as well as the planned allocations of the Daytona SP3, played crucial roles in this financial period’s success. Meanwhile, the F8 Spider is making its final laps before the end of its lifecycle.
Financials are just as robust as the car performances, with an adjusted EBITDA of $633 million, a 37.0% increase from the previous year. This has been significantly buoyed by a mix/price variance, showcasing the effectiveness of Ferrari’s strategic planning and the continued allure of its high-value models. Yet, not all cylinders are firing equally. The Engines segment witnessed a downturn due to lower shipments to Maserati as the contract nears expiration this year. Nevertheless, the negatives are just a speck in the rearview mirror as the overall financial impact remains negligible.
Ferrari’s financial income net contributed positively to the tune of roughly $3.2 million, thanks to savvy liquidity management and favorable foreign exchange impacts. Meanwhile, the tax rate remained at a conservative 22%, reflecting the calculated benefits of various tax incentives. As a testament to its financial health, Ferrari’s industrial free cash flow stood strong at $320 million, fueled by heightened EBITDA. Even with a disciplined approach to capital expenditure and a challenging working capital environment, the automotive giant managed to sustain a powerful financial position.
Looking ahead, Ferrari is revising its year-end forecast upward. This optimistic outlook is underpinned by expectations of a stronger product mix, higher personalization revenues, and continued profitability—despite the headwinds of cost inflation and increased depreciation from the launch of new models. The third quarter of 2023 has not only been about the balance sheets but also about brand partnerships and community engagement. Ferrari’s renewal of its multi-year partnership with PUMA, an expanded role as a licensing partner, and successful charity initiatives exemplify the brand’s commitment to excellence, community, and innovation.
Ferrari’s Q3 results are a reflection of the brand’s adeptness at navigating the luxury car market’s ebb and flow while maintaining a focus on exclusivity and client-centric experiences. This financial and brand power combination ensures that Ferrari remains not just a car manufacturer but a luxury icon steering towards a bright and prosperous future.
