The Italian automaker achieved total net sales of EUR 1.05 billion in the third quarter.
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- Engine sales up 24.8% due to engine rental to teams Alfa Romeo and Haas
- Due to a busy Formula 1 season in 2021, expenses rose to € 12 million
Ferrari cited its Formula 1 racing team as a key factor in securing € 95 million ($ 109.7 million) in commercial revenue in the third financial quarter, representing constant currency growth of 5.8 percent for the Italian automaker.
This commercial figure is made up of the net income from the Scuderia Ferrari sponsorship deals and the team’s share of Formula 1 commercial income and the Ferrari brand’s income, including merchandising, licensing and licensing income.
Overall, Ferrari reported net sales growth of 18.6 percent year over year (YoY) totaling 1.05 billion euros ($ 1.2 billion) in its financial records for the third quarter. This value has also increased by 15.1 percent compared to 2019.
Ferrari is currently fourth in the Formula 1 constructors’ championship, just three and a half points behind rival McLaren Racing. In comparison, the Italian team finished the 2020 championship in sixth place.
Ferrari engine sales rose 24.8 percent year-over-year to € 55 million ($ 63.5 million), a portion of which came from engine rental to Formula 1 teams Alfa Romeo and Haas.
In addition, Ferrari announced that industrial and research and development costs increased to 12 million euros ($ 13.8 million) in the third quarter compared to 2020. This was due to product innovations, start-up costs and Formula 1 expenses.
Due to the effects of the Covid-19 pandemic, Formula 1 only ran 17 races in 2020, most of them in Europe. In 2021, Formula 1 expects a total of 22 races, which will travel to the USA, Mexico, South America and the Middle East.
In addition, Ferrari’s other expenses decreased by € 2 million ($ 2.3 million) due to improved placement in the 2021 Formula 1 Constructors’ Championship and other supporting activities.
“The strong third quarter results are an important step towards the upwardly revised guidance for 2021,” said Benedetto Vigna, CEO of Ferrari.
“The extraordinary customer relationships, which are fundamental for the double-digit growth in this quarter and year to date, are reflected in the record incoming orders worldwide, especially in China and the USA.
“These results, together with the solidity of our vision and the team that I am allowed to lead, allow me to look to the future with great confidence and optimism.”
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