Ferrari has accelerated back to second-quarter growth, making a €206 million profit after its earnings fell sharply in the same period a year ago because of the pandemic.
The sports car maker’s net profit for the three months to June 30 was far ahead of the €9 million it made last year, when it was forced to shut production for seven weeks.
It was also an improvement on the €184 million profit posted in the same period of 2019.
John Elkann, interim chief executive, said June marked a record in orders at the Italian carmaker, noting that trends show the age of new Ferrari buyers is going down, while the number of women placing orders doubled.
Shipments nearly doubled in the quarter to 2,685, along with net revenues, which surged to €1.03 billion from €571 billion a year earlier. That was an improvement of 5 per cent over the same period in 2019.
Advertisement
Ferrari made first-half profits of €412 million, up from €175 million a year earlier, and the group raised its forecast from €350 million to €450 million in cash by the end of the year.
Benedetto Vigna, who was an executive at STMicroelectronics, the semi conductor manufacturer, will become chief executive on September 1.
