Commenting on the results and the outlook, Chairman and Acting CEO John Elkann said: “This strong start augurs well for the rest of 2021 and is testimony to the resilience of our business model as well as the extraordinary work of the women and men of Ferrari. Looking ahead, we expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the Covid-19 emergency, will postpone by one year the achievement of our year-end 2022 guidance. However, the robustness of our order book and the wonderful new models we will launch in the coming years provide a strong base on which to build our ambitious future.”
Shipments totaled 2,771 units in the first quarter of 2021, up 33 units or 1.2% versus a strong prior year quarter despite the limited impact of the Covid-19 pandemic on the core business.
Sales of 8 cylinder models (V8) were up 8.1%, while 12 cylinder models (V12) were down 19.6%. The deliveries of the quarter were driven by the F8 family and the 812 GTS. The SF90 Stradale and the Ferrari Roma remain in ramp up phase, while the 488 Pista family and the Ferrari Portofino have been phased out. The Ferrari Monza SP1 and SP2 continued to be delivered in line with production planning.
Total net revenues
Net revenues for the first quarter 2021 were Euro 1,011 million, up 10.8% at constant currency₁. The increase in revenues from Cars and spare parts₆ to Euro 855 million (up 8.5% or 11.0% at constant currency₁) was generated mainly by the strong enrichment of the product mix.
Increased Sponsorship, commercial and brand₈ revenues (Euro 91 million, up 1.4% or 2.6% at constant currency₁) were attributable to an improved outlook for the Formula 1 calendar, partially offset by lower prior year ranking as well as reduced brand-related activities due to the Covid-19 pandemic.
Q1 2021 highlights
Ferrari and Richard Mille signed a partnership contract
On February 22, 2021 it was announced that Ferrari and Richard Mille have signed a multi-year partnership agreement, which will see the Haute Horlogerie brand become sponsor and licensee for the Prancing Horse.
Share repurchase program resumed
On March 11, 2021 Ferrari communicated its intention to restart its multi-year share repurchase program announced on December 28, 2018 with a fourth tranche of up to Euro 150 million starting on March 12, 2021 and to end no later than September 30, 2021, of which up to Euro 120 million to be executed on the MTA market under a non-discretionary share repurchase agreement with a primary financial institution and up to Euro 30 million to be executed on the NYSE under an additional mandate with a primary financial institution.
New Ferrari limited-edition 812 Competizione and 812 Competizone A
On April 21, 2021 the first official images of Ferrari’s latest limited-edition special series were published in the build-up to its world première, which was broadcast live on the Maranello marque’s social media channels on May 5 at 2:30PM CEST.