Impressive Fourth-Quarter Results
Ferrari N.V. RACE shares are trading higher on Thursday after reporting fourth-quarter results.
The company reported fourth-quarter FY23 sales growth of 11% year-on-year to $1.639 billion (€1.523 billion), beating the analyst consensus estimate of $1.630 billion.
Cars and spare parts revenue rose 11% Y/Y, and Engines increased by 7%. Total shipments fell 2% to 3,245 units.
Adjusted EBITDA rose 19% Y/Y to €558 million, and the margin expanded 240 basis points Y/Y to 36.7%.
Adjusted net profit for the quarter increased 33% to €294 million. EPS of $1.74 beat the consensus estimate of $1.62.
Shipments totaled 13,663 units in 2023, up 442 units or 3.3% versus the prior year, serving a very solid order book.
The increase in deliveries during the year was driven by the Purosangue, which was in ramp up phase in the second part of the year, as well as higher deliveries of the 296 and SF90 families.
Optimistic Outlook
Outlook: Ferrari sees 2024 adjusted EPS ≥€7.50, and net revenues >€6.4 billion.
Going ahead, the company sees a “positive product and country mix, along with strong personalizations.”
Market Reaction
Price Action: RACE shares are trading higher by 10.29% to $381.50 on the last check Thursday.
Photo via Wikimedia Commons