Ferrari and Lamborghini, luxury never stops racing. Aston Martin’s engine coughs instead
Ferrari and Lamborghini are moving into fifth gear, a sign that the crisis is not affecting the fortunes of the planet's Scrooges. However, there are some small problems for the English super car loved by 007
The latest economic data from some of the most well-known super cars demonstrate once again what had already appeared clear since the lockdown: the luxury sector does not experience crises, wars and, of course, inflationary waves.
SUPER CARS ROAM IN MOTOR VALLEY
The race is mainly in the Emilian Motor Valley, the only European automotive district not to be affected by the chip crisis, the increase in raw materials, the advance of Chinese brands or the transition to electric engines ( here are the company's electric plans House of Maranello ).
FERRARI'S RESULTS
Ferrari in the third quarter of 2023 saw deliveries rise by 9% to 3,459 units. At the same time, revenues increased by almost a quarter (23.5% to be precise) to 1.544 billion euros, Ebitda by 37% to 595 million and operating profit by 42% to 423 million, for a margin improving from 23.9% to 27.4%, while net profit increased by 46% to 332 million. “We have another record quarter, with profit growth driven by an even richer mix and the continued appeal of customizations,” commented CEO Benedetto Vigna . “All this leads us to increase guidance for the year.”
ROSY FUTURE FOR THE PORRY?
Despite the uncertainty that hovers between markets and families, Ferrari sees pink. And it does so by adjusting the financial forecasts upwards. Revenues are given at around 5.9 billion (against the 5.8 billion of the previous estimate), Ebitda equal to or higher than 2.25 billion from the 2.19-2.22 billion previously announced, operating profit above 1.57 billion (a clear increase compared to the range previously announced, 1.51-1.54 billion), the operating margin at 26.5% (above 26%), the earnings per share at least 6.55 euros (6.25-6.4 euros) and cash flows of more than 900 million.
This is because, according to Vigna, commissions will not stop growing. Indeed, they will remain "at the highest levels and" this positive period is destined to extend "through 2025, thanks to strong demand in all geographical areas".
THE ETERNAL LAMBORGHINI – FERRARI RACE
The eternal rivalry between Lamborghini and Ferrari manifests itself not only on the track but also in the economic results. In the first 9 months of 2023, the neighbor of the Cavallino (but part of the Volkswagen Group) recorded new records in terms of sales, turnover and profitability, exceeding the threshold of 2 billion euros in the period from January to September, equal to a leap in +5.2% compared to the previous year.
The operating result came close to 620 million (to be precise, 618 million), exceeding that of the entire fiscal year 2022. As for Ferrari, the phones in the company never stopped ringing: the deliveries of the two models with internal combustion engine Urus and Huracan, already sold out, were 7,744 cars, with a +4.2% compared to the previous year.
Commenting on the results, Stephan Winkelmann , Chairman and CEO of Automobili Lamborghini, in addition to underlining that the Bolognese brand has no interest in listing, said: "We are satisfied with the third quarter results because a 4% increase in sales is accompanied by an 8% increase in profit: the result is that in the first nine months we have already brought home a higher profit than that of the whole of 2022". But above all he underlined that "Today each Lamborghini is sold at a higher average price than in the past, because customers increasingly focus on the customization of our models".
PROBLEMS OVER THE SLEEVE
If we race in Emilia Romagna, in the tiny village of Gaydon in the county of Warwickshire, England, where Aston Martin, James Bond's favorite car, was born, the engines cough profusely, probably a sign that since 2020, the year of the rescue, the situation never really recovered.
The company's adjusted operating loss was £48.4 million in the third quarter, higher than analysts' forecast of £37.5 million. Deliveries are subdued: the latest data speak of 6,700 vehicles this year, three hundred less than the 7,000 previously estimated. While Aston Martin's sales grew in the US and Europe, they halved (-57%) in China in the first nine months of the year. The company has just obtained government funding of 9 million pounds through the Advanced Propulsion Center UK (APC) for the energy transition of its engines.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/ferrari-e-lamborghini-il-lusso-non-smette-di-correre-tossisce-invece-il-motore-di-aston-martin/ on Sun, 05 Nov 2023 15:07:05 +0000.