Filed under: Earnings/Financials, Ferrari
Ferrari’s angle of emphasizing exclusivity by limiting deliveries is appearing to bear fruit. The company posted a 7.1-percent increase in revenues to 1.7 billion Euros ($2.2 billion at today’s exchange rates) during the first half of 2013. Net profits, meanwhile, saw a jump of 20 percent to 116.2 million Euros ($153.5 million). The Prancing Horse delivered 3,767 cars, which, while an increase of 2.8 percent, represents a rate of growth that’s slower than in the first quarter of 2013.
While Ferrari may be actively trying to slow its sales down to below 7,000 in 2013, it’s seen increased numbers in the US, Great Britain and Germany, along with double-digit growth in the Middle East and Japan (39 percent and 28 percent, respectively).
The move to limit sales should have a greater impact on the numbers that come in later this year, which we told you about back in May. Ferrari’s controversial move has already seen a drop in sales to China, which saw 50 fewer Prancing Horses than this time last year.
Still, the early stages of Ferrari’s new plans have been a success, as the Chairman said, “An increase of just over two percent in volumes has been matched by 20 percent growth in EBIT which is and will remain our primary objective along with maintaining the exclusivity and value of our cars over time.” We love seeing automakers do well, but somehow, the world just seems a sadder place with fewer Ferraris in it.
Continue reading Ferrari reports fewer sales, more profit to prove strategy is working
Ferrari reports fewer sales, more profit to prove strategy is working originally appeared on Autoblog on Thu, 01 Aug 2013 19:15:00 EST. Please see our terms for use of feeds.
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