Categories AlphaGraphs, Earnings, Industrials

Earnings: Highlights of Ferrari’s (RACE) Q1 2023 financial results

Supercar maker Ferrari NV (NYSE: RACE) has announced financial results for the first quarter of 2023, reporting an increase in revenues and net profit.

Ferrari Q1 2023 earnings infographic

First quarter net revenues increased 20% year-over-year to EUR1.43 billion from EUR1.19 billion in the same period of last year. Total shipments were 3,567 units, up 9.7% year-over-year.

Net profit attributable to the company came in at EUR297 million, or EUR1.62 per share, compared to EUR239 million, or EUR1.29 per share, in the first quarter of 2022.

“We have decided to reopen orders for the Purosangue, suspended due to initial unprecedented demand, and launched the Roma Spider to further enrich our offer. We are on track with our electrification journey on the development of both sports cars and infrastructures in Maranello,” said Ferrari’s CEO Benedetto Vigna.

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