Ferrari's Q4 2021 revenue grew 10 percent, and profits exceeded analysts' expectations

Gaz Auto News On February 2, Ferrari announced its financial results for the fourth quarter and full year of 2021. In the fourth quarter of 2021, Ferrari's adjusted EBITDA reached €398 million ($450 million), up 7 percent year-on-year, compared with analysts' average expectations of €385 million.

In the fourth quarter, Ferrari's net revenue was EUR 1,172 million, an increase of 10% year-on-year, an adjusted EBITDA margin of 33.9%, an adjusted EBITDA margin of EUR 265 million, an increase of 6% year-on-year, an adjusted EBIT MARGIN of 22.6%, a net profit of EUR 214 million and a diluted EPS of €1.16.

In 2021, Ferrari cars achieved double-digit sales growth in all regions, driven by the F8 series, Ferrari Roma and SF90 Stradale models, with total deliveries up 22% year-on-year.

In 2021, Ferrari's net revenue was EUR 4,271 million, an increase of 23.4% year-on-year; an adjusted EBITDA of €1,531 million, an increase of 34% year-on-year; an adjusted EBITDA margin of 35.9%, an adjusted EBITDA of €1,075 million, an increase of 50.2% year-on-year; an adjusted EBITDA of €25.2%, a net profit of €833 million; earnings per diluted share of €4.50% and free cash flow of €642 million.

(Image source: Ferrari)

Ferrari also announced its 2022 results forecast. Net revenue was approximately EUR 4.8 billion, adjusted EBITDA was between EUR 1.65 billion and EUR1.7 billion, adjusted EBITDA margin was between 34.5% and 35.5%, EBITDA after adjustment was EUR 1.1 billion to EUR 1.15 billion, adjusted EBITDA margin was between 23% and 24%, and earnings per diluted share was between EUR 4.55 and EUR 4.75.

Ferrari CEO Benedetto Vigna, who took office last September, first included details of the company's electrification plans in its full-year outlook and will unveil its electrification strategy at capital markets day on June 16.

This could mark a major shift for Ferrari, which has been making slow progress on pure electric vehicles. Ferrari plans to launch its first pure electric car by 2025, while its rival Porsche's pure electric model, the Taycan, is already on the road in 2019.

In January, Ferrari began reforming its organizational structure and hired several technically experienced managers to speed up Ferrari's electrification process. Ferrari also said that the product development, digital and data sectors will report directly to Vigna.