• CEO Benedetto Vigna said that the company received a record number of net orders during the quarter.
• Ferrari reports record profits and sales for the second quarter.
• Sales went up by more than 20% from the same time last year.

Ferrari raised its forecast for 2022 after reporting record profits for the second quarter and a demand for its expensive sports and grand touring cars that had never been seen before.

Due to its small sales volume, the Italian company that makes supercars hasn’t been affected much by the problems in the supply chain that have forced bigger automakers to cut production over the last few quarters. Rich people who buy Ferraris are also shielded from some of the economic worries that are starting to show up in consumer data.

Ferrari said that based on its strong first-half results and strong order book, it now expects to earn between 4.80 and 4.90 euros ($4.89 and $4.99) per share for the full year on sales of about 4.9 billion euros. It had told investors before that its earnings per share for the whole year would be between 4.55 euros and 4.75 euros, and that its sales would be about 4.8 billion euros.

In the second quarter, Ferrari’s profit, sales, and shipments all went up by more than 20% from the same time last year, setting quarterly records. CEO Benedetto Vigna said in a statement that the company received a record number of net orders during the quarter.

Here are the important ones:

Earnings per share: 1.36 euros, compared to 1.11 euros in the second quarter of 2021.
Revenue: 1.29 billion euros, versus 1.04 billion euros in the second quarter of 2021.

Ferrari sold 3,455 vehicles in the third quarter, a 29 percent increase over the same period last year, thanks to high demand for its V8-powered Portofino M convertible and F8 mid-engine sports car. The business also stated that production of its new V6-powered hybrid 296 GTB sports car has commenced.

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