Ferretti Group this week reported the financial results of its fiscal third quarter, ending Sept. 30.
The builder reported net revenue in new yachts of €865.3 million ($913.9 million), an increase of 3.8% from the same period last year, and adjusted EBITDA of €138.2 million ($146 million), an increase of 10.7% compared with the first nine months of 2023.
Ferretti reported net profit of €62.2 million ($65.7 million), in line with the €61.9 million ($65.4 million) a year ago, and a net financial position of €149.6 million ($158 million) in cash as of Sept. 30.
“With the closure of this quarter, we have achieved a new record in profitability, reaching 16%, confirming the strength and effectiveness of our strategy,” CEO Alberto Galassi said in a statement.
The company said it had a “significant increase in order intake from the superyacht segment” during the third quarter and “excellent signs from the composite yachts segment.”
“Additionally,” Galassi said in the statement, “the strong results from our participation in the major Mediterranean boat shows and the opening of the American season further contribute to our outlook, being activities that could bring concrete benefits in the short term.”
Galassi reported an order backlog of €1.3 billion ($1.37 billion) as of Sept. 30, and after adding orders received after the quarter’s close, the value is in line with that recorded for the same period last year.
The company said its 2024 guidance “has been cautiously updated in part, pending pick up orders confirmation” from the American market after the elections, the statement said.
