MILAN – Ferrari delivered a larger-than-expected 27% increase in first-quarter core profit and forecast a strong second quarter when deliveries begin for its new Thoroughbred model, for which waiting lists extend through 2026.
Italian luxury sports car The manufacturer said it was reopening orders for the four-door, four-seat Thoroughbred, which had been suspended due to “unprecedented” initial demand.
Chief Executive Benedetto Vigna said Ferrari’s overall order book covered production through the end of 2025. But those customers now ordering the 390,000-euro ($430,000) 12-cylinder petrol Purosangue will have to wait until 2026 to receive it.
“We were positively surprised by this strong interest,” Vigna told analysts as he presented the company’s quarterly results.
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The CEO, however, confirmed Ferrari’s commitment to keep Purosangue sales below 20% of the group’s total shipments over the car’s life cycle and not to extend it, to maintain a certain degree of exclusivity.
Milan-listed Ferrari shares rose as much as 5.6% on Thursday to hit a new all-time high of €267.20.
The Prancing Horse’s adjusted earnings before interest, taxes, depreciation and depreciation and amortization (EBITDA) for the January-March period were 537 million euros, exceeding analysts’ expectations by 508 million euros, according to a Reuters poll.
Higher shipping, led by the Portofino mTHE 296 GBP and the 812 Competizione models drove results, as did price capability.
CFO Antonio Picca Piccon told analysts that Ferrari is now implementing mid-single-digit price hikes on select models and markets that it announced last year. He said the company expected a strong second quarter, followed by a softer second half of the year, particularly the fourth quarter, in line with its planned product cadence.
Bernstein’s analysts noted that Ferrari’s “extremely strong” product mix, pricing power and long order backlog protected the company from potential order cancellations caused by the recession.
Ferrari, which has promised its first all-electric model in 2025, confirmed its full-year forecast, though analysts at Bernstein said they expected an increase later in the year.
Rising car prices will offset current cost inflation, Ferrari said.
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