Italian luxury brand Ferrari reported third-quarter financial results Tuesday that disclosed revenue of €1.64 billion ($1.79 billion based on exchange rates), a 7% increase over the prior year.
Shipments declined 2% to 3,383 cars—by comparison, Toyota sold 2.75 million units during its latest quarter. But Ferrari is a high-margin business that generates more than $100,000 in profit per car.
“We always said we give a priority to the quality of revenues, not to the quantity,” Benedetto Vigna, Ferrari CEO, said during the earnings call. “This is also the way you have to read the evolution of our business plan.”
Car sales represent 86% of Ferrari’s revenue in 2024, but the quarterly financial results also provide a window into the brand’s Formula 1 operations, which are 10% of the business. Ferrari F1 revenue was $190 million for the third quarter, up 20% over the prior year. The company highlighted its new title partnership with HP as a driver for the gain. In April, the companies announced a new multiyear sponsorship agreement.
For the first nine months of 2024, Ferrari F1 revenue was $531 million, up 15% over 2023. In this segment, the company also encompasses its World Endurance Championship business and net revenues from merchandising and licensing.
Ferrari is the most valuable F1 team and most decorated on the track, with 16 constructor or team titles—Williams is second all-time at nine. Yet, Ferrari’s last title was in 2008, with Mercedes and Red Bull combining for the last 14 titles.
Ferrari doesn’t have a shot at the drivers’ title this year. Charles Leclerc is third in the standings, 86 points behind Red Bull’s Max Verstappen, who nearly cemented his fourth straight championship with a win on Sunday in Brazil. Leclerc’s teammate, Carlos Sainz, is fifth in the standings, which still gives Ferrari a shot at the constructor title. It currently sits 36 points behind McLaren Mercedes.
“The recent victories and improvements in Austin and Mexico City have provided us with the boost we need to continue to fight in the last few races of the championship,” Vigna said. “The road till the end of Abu Dhabi … we will make all we can to fight till the very last lap.”
