Ferrari lifts forecasts on pricier models and personal touches
Shipped 3,484 cars in the first quarter, up 3%
Sees adj EBITDA of at least 2.50 bln euro this year
Adj EBITDA rose 14% in Q2 to 669 mln euros
Net revenue up 16% in Q2 to 1.712 bln euros
Generated cash for 121 mln euros in the quarter
Adds analyst comment, details, background, updates shares
By Giulio Piovaccari
MILAN, Aug 1 (Reuters) -Pricier models such as the Daytona SP3 and growing demand from buyers for personal touches helped Ferrari RACE.MI beat second-quarter results forecasts on Thursday and raise its full-year expectations.
The Italian company said it now saw adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rising to at least 2.50 billion euros ($2.70 billion) this year, versus a previous forecast of at least 2.45 billion euros.
"Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalizations, which led us to upgrade our 2024 guidance," CEO Benedetto Vigna said in a statement.
After the results were published, Ferrari's Milan-listed shares extended gains to stand up 5.1% at 1245 GMT.
In contrast, Porsche P911_p.DE last month cut its sales and profit guidancedue to an unexpected aluminium alloy supply shortage, hammering its shares.
"Ferrari handsomely beat today pretty much across the board," Bernstein analysts said in a note.
"It reinforces our contention that there is only one Ferrari .... sitting at the pinnacles".
Ferrari's second-quarter adjusted EBITDA increased 14% to 669 million euros, just ahead of analysts' average forecast of 650 million in a Reuters poll.
The company known for its prancing horse logo also generated 121 million euros of cash in the quarter.
It said pricing power contributed 122 million euros to quarterly earnings, supported by demand for the 2-million euro, 12-cylinder Daytona SP3, as well as a "few sales" of the limited series, track-only 499P Modificata, which costs 5.1 million euros.
Bernstein analysts also mentioned the Purosangue four-seater and the first few deliveries of the SF90 XX Stradale hybrid model.
Demand from customers for personalisations - both inside and outside the car - boosted the results too, along with a strong performance in the Americas.
In 2023, personalisations accounted for around 19% of Ferrari's 6 billion euros of revenue, mainly relating to paint, liveries and use of carbon.
($1 = 0.9273 euros)
Reporting by Giulio Piovaccari; Editing by Keith Weir and Mark Potter
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