Q2 2024 Ferrari NV Earnings Call Transcript
Key Points
- Ferrari NV (RACE) reported strong Q2 financial results with revenues of EUR1.7 billion, up 16% year-over-year.
- The company achieved a net profit of EUR413 million, driven by a robust product mix and increased personalization.
- Ferrari NV (RACE) upgraded its 2024 guidance, reflecting stronger personalization and increased visibility for the remainder of the year.
- The order book for new models, including the 12Cilindri Spider and Coupe, is solid and extends well into 2026.
- The new e-building, dedicated to sustainable innovation, will house the development and production of ICE, hybrid, and full electric models, enhancing Ferrari's technological capabilities.
- Shipments increased by less than 3%, indicating slower growth in unit deliveries compared to revenue growth.
- Deliveries decreased by roughly 60 units in Mainland China, Hong Kong, and Taiwan, highlighting regional challenges.
- The EBIT margin for Q2 2024 was 29.9%, slightly lower than the exceptional 40% margin in Q2 2023.
- Higher SG&A expenses were noted, reflecting increased marketing and brand investments, which could impact profitability.
- The company faces ongoing challenges in managing the balance between volume growth and maintaining high levels of personalization and exclusivity.
Welcome to everyone who is joining us. Today, we plan to cover the group's operating results of the second 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 the Group's CFO, Mr. Antonio Picca Piccon. All the relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we 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 risks and uncertainties mentioned in the Safe Harbor statements included on page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto.
Grazie, Aldo. Thank you, everyone, for joining us today. I'd like to open today's call with a heartfelt thank you, firstly,
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