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As the third quarter results are announced, the Italian brand is reporting double-digit growth in deliveries and profits. Aston Martin, on the other hand, saw its losses double, despite an increase in sales.
The Italian carmaker recorded double-digit growth in the third quarter. Sales rose by 18.7% to 1.25 billion euros. In total, it delivered 3,188 vehicles worldwide in the July-September period.
“Our entire range is sold out, with the exception of a few models,” said group CEO Benedetto Vigna.
Despite inflation and rising industrial and research and development costs, Ferrari generated a net profit of 718 million euros in the first nine months of the year, up 16 percent. Its revenues amounted to 3.72 billion euros.
Encouraged, the group is targeting revenues of around 5 billion euros for the whole of 2022, compared with 4.9 billion previously. Adjusted ebitda should reach more than 1.73 billion euros, against a range of 1.70 to 1.73 billion previously targeted.
For the Italian brand, the third quarter is more than positive. The only downside is that revenues from engine sales fell by 25.3% to 41 million due to a drop in deliveries to Maserati as the contract between the two groups nears expiration.
On the North Sea side, the British brand Aston Martin saw its losses double in the third quarter, despite an increase in sales.
The manufacturer posted an after-tax loss of 228 million pounds (about 263 million euros), mainly due to logistical problems.
Charges related to a revaluation of the exchange rate have also weighed on the results, inflating debt securities in dollars, while during the quarter the pound reached a historic low against the greenback.
As a result, Aston Martin lowered its sales forecast for the year and its shares plunged 14.68% to 90.18 pence on the London Stock Exchange on Wednesday.
Since its failed IPO in London in 2018, the British brand has accumulated disappointments. Saved from bankruptcy in early 2020 by Canadian billionaire Lawrence Stroll, the company wants to move more toward luxury and increasingly toward electric.
“Aston Martin has fantastic cars and a strong brand, but its financial situation presents a real challenge,” notes an analyst at Third Bridge.
But it’s not all bad news. During the third quarter, Aston Martin’s sales rose 33% to 315.5 million pounds (about 363 million euros), driven by a 28% average price increase.
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As the third quarter results are announced, the Italian brand is reporting double-digit growth in deliveries and profits. Aston Martin, on the other hand, saw its losses double, despite an increase in sales.
The Italian carmaker recorded double-digit growth in the third quarter. Sales rose by 18.7% to 1.25 billion euros. In total, it delivered 3,188 vehicles worldwide in the July-September period.
“Our entire range is sold out, with the exception of a few models,” said group CEO Benedetto Vigna.
Despite inflation and rising industrial and research and development costs, Ferrari generated a net profit of 718 million euros in the first nine months of the year, up 16 percent. Its revenues amounted to 3.72 billion euros.
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As the third quarter results are announced, the Italian brand is reporting double-digit growth in deliveries and profits. Aston Martin, on the other hand, saw its losses double, despite an increase in sales.
The Italian carmaker recorded double-digit growth in the third quarter. Sales rose by 18.7% to 1.25 billion euros. In total, it delivered 3,188 vehicles worldwide in the July-September period.
“Our entire range is sold out, with the exception of a few models,” said group CEO Benedetto Vigna.
Despite inflation and rising industrial and research and development costs, Ferrari generated a net profit of 718 million euros in the first nine months of the year, up 16 percent. Its revenues amounted to 3.72 billion euros.
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