Ferrari bounces back from pandemic with huge profits in Q2.

Purley Automotive News - August 2021

Ferrari has posted a huge profit of £176m (€206m) in the second quarter of the year – 12 months after seeing its earnings plummet as a result of the Covid-19 pandemic.

The figures dwarf the numbers for the same period last year when the company made just £7.7m (€9m) amid a forced seven week production shutdown.

It marks a huge bounce back for the Maranello firm and even beats the same period in pre-pandemic 2019, when the company made just under £160m (€184m).

The incredible success is believed to be down to increased orders with shipments almost doubling in the second three months of the year to 2,685 – five per cent higher than 2019.

Research showed that the number of women placing orders also doubled in that time.

Net revenues also surged to £890m (€1.03bn).

Overall, Ferrari posted first-half profits of  £352m (€412m) up from £150m (€175m) in the same period last year.

On the strength of the earnings, Ferrari has raised its forecast to £385m (€450m) in cash by the end of the year, up from £300m (€350m).

John Elkann, interim chief executive of the company, said the profit ‘speaks to the unique and enduring power of Ferrari’.

Elkmann will be replaced in his role on September 1 by Italian executive Benedetto Vigna, who will hope to keep the profits rolling in the second half of the year.

Article courtesy of published on 3rd August 2021