Q3 2024 Ferrari NV Earnings Call Transcript
Key Points
- Ferrari NV (RACE) reported strong financial results for Q3 2024, with revenues reaching EUR 1.6 billion, up 7% from the previous year.
- The company achieved a double-digit growth in profitability, with an EBIT of approximately EUR 470 million and an EBIT margin of 28.4%.
- Ferrari NV (RACE) generated a remarkable net profit of EUR 375 million and an industrial free cash flow of more than EUR 360 million.
- The order book for Ferrari NV (RACE) remains strong, with the new 12Cilindri Spider guiding order intake and providing visibility well into 2026.
- The F80 supercar, a new model with a limited run of 799 units, has been fully allocated, showcasing strong demand and technological innovation.
- Shipments were slightly lower than the prior year, reflecting the company's transition to a new ERP system.
- Currency fluctuations, particularly the adverse dynamics of the US dollar and Japanese yen versus the Euro, had a negative impact on revenues.
- There is a concern about the residual values of certain models, particularly in the UK market, which is softer compared to other regions.
- The company faces challenges with increased operating expenses, particularly related to racing activities and lifestyle, as well as persisting inflation.
- Ferrari NV (RACE) anticipates higher capital expenditures and taxes, which could impact free cash flow generation in the coming quarters.
Thank you for standing by. Welcome to the Ferrari Q3 results 2024 conference call and webcast. (Operator Instructions) Please note that today's conference is being recorded.
I would now like to turn the conference over to your speaker, Nicoletta Russo, Head of Investor Relations. Please go ahead.
Thank you, Razia, and welcome to everyone who is joining us. Today, we plan to cover the group's operating results of the third quarter of 2024 and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Piccon.
All relevant materials are available in the Investors section of the Ferrari Corporate website. And at the end of the presentation, we will be available to answer your questions.
Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risk and uncertainties mentioned in the safe harbor statement included on page
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