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Ferrari reports slow, yet steady growth

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Ferrari reports slow, yet steady growth

By Mark Kleis

During the second quarter, 2010, Ferrari reported revenues of $633 million, up 8.6 percent when compared to the same period in the down economy of 2009.

Ferrari points to the success of its 458 Italia, as well as the 599 GTO for its steady growth. Although Ferrari did report gains, it only delivered an extra 2.6 percent more vehicles to Ferrari dealers during the second quarter of 2010, compared to the down economy of the 2009 Q2.

Given the recent success of other mainstream automakers, as well as with Mercedes-Benz, Ferrari’s profit increase does little to instill confidence in the brand for shareholders. If evaluating the change in economic spending across the board, as well as specifically with high-end luxury items such as a Ferrari sportscar, the Italian automaker’s growth has not managed to keep up with the slowly rebounding world economies.

Despite only modest growth, Ferrari has still managed to record profits and increases revenues, up to $1.17 billion in revenue compared to $1.16 billion in the first half of 2009.

Ferrari says that China has shown strong growth, outpacing the rest of the world for the Italian automaker by recording a 20 percent growth, with the U.S. following with a 10 percent increase, also beating the company average for the quarter.

Ferrari says it also enjoyed growth in some of its non-core operations, such as online memorabilia sales, with revenue growing by 40 percent during the first half of 2010 for the Ferrari Store online, as well as local Ferrari storefronts. Ferrari also celebrated acquiring its 1 millionth Facebook fan, an accomplishment the brand attributes to its iconic history and strong portfolio.



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