Bullish Camilleri delivers good results as Ferrari sustains growth

Phillip van Osten 01/02/2019 at 08:4201/02/2019 at 21:18

Ferrari chief executive Louis Camilleri has delivered his first full quarter and full-year of results since taking the helm of the House of Maranello last summer.

Ferrari's share price jumped over 10 percent on Thursday in New York on the back of the company's solid results that included a 46 percent increase in earnings in 2018. The luxury car maker raked in € 787 million in profits for the full year on revenues of € 3,4 billion.

Overall, 9,251 cars were shipped globally by Ferrari in 2018, an increase in unit sales of 10.2% year-over-year.

Ferrari adds a dose of charm to its communication team

Analysts had expected on average a higher revenue number, but Ferrari's bottom line comfortably beat projections while its CEO offered a positive outlook.

"While we would never claim to be totally immune to what is going on in the world, we are remarkably resilient," Camilleri told analysts on a post-results conference call.

"We continue to hold a strong order book and our order intake is firmly in line with our expectations."

The 63-year-old chief executive, who took over from late Ferrari boss Sergio Marchionne last July, has been under scrutiny in the past few months with rumors of his ousting circulating in the media, gossip mainly generated by management changes at the Scuderia.

However, Ferrari Chairman John Elkann reiterated his support for Camilleri earlier this month, denying speculation of the CEO's impending demise after the ousting of Scuderia team principal Maurizio Arrivabene.

Ferrari's results included € 506 million of sponsorship, commercial and brand revenue in 2018, a figure slightly better than 2017 "thanks to stronger revenues from sponsorship as well as a higher 2017 championship ranking compared to 2016".

Ferrari also states that "industrial costs / research and development costs slightly decreased (Euro 8 million), mainly due to lower spending in F1 activities".

After missing out once again on the title last year, Ferrari is expected to boost its budget in 2019 - currently estimated at approximately €435 million - to finally reach its long-awaited goal of bringing the world championship back to Maranello.

"In 2018 we have achieved the best result since we won the constructors' championship, with the goal of winning for 2019," said Camilleri in Thursday's conference call.

"There will be an increase in expenses reflecting this ambition."

Two weeks before pre-season testing kicks off in Barcelona, the Scuderia's 2019 charger car came to life at Maranello as the team revealed on Twitter.