Ferrari Shatters Earnings Expectations – Forecasts Record Profits for 2024!

MILAN, Italy – Luxury sports car maker Ferrari exceeded Wall Street’s expectations for the fourth quarter, capping off a year of record profits. The company reported a net profit of 1.26 billion euros for 2023, including 294 million euros during the fourth quarter. Additionally, its adjusted earnings before interest and taxes reached 1.62 billion euros for the year, including 372 million euros in the last quarter. Both figures set annual records for the company and surpassed analysts’ forecasts.

Ferrari’s revenue for 2023 increased by 17% to 5.97 billion euros, including an 11% increase in the fourth quarter compared to the previous year. The company’s forecast for 2024 anticipates even higher revenue of over 6.4 billion euros and adjusted per share profit of at least 7.50 euros, with an adjusted EBIT margin of at least 38%. Despite these projections, adjusted profit margins for 2024 are expected to remain similar to or slightly lower than those of 2023.

Shares of Ferrari reached a new 52-week high during Thursday morning trading, rising by approximately 10% to over $380 per share on the New York Stock Exchange. This surge followed the company’s announcement of its fourth-quarter performance, which exceeded average estimates.

In the fourth quarter, Ferrari’s earnings per share stood at 1.62 euros adjusted, compared to the expected 1.50 euros, while its revenue reached 1.523 billion euros, surpassing analysts’ expectations of 1.506 billion. The company also reported a 3% increase in shipments in 2023, reaching a total of 13,663 vehicles, including 3,245 units in the fourth quarter.

Ferrari’s Chief Executive Officer, Benedetto Vigna, expressed confidence in the company’s ability to achieve its ambitious 2024 targets, stating that the exceptional visibility on their order book allows them to look at higher-end 2026 targets with greater confidence.

In other news, there are reports of Formula 1 star Lewis Hamilton potentially making a surprising move from Mercedes to join the Ferrari racing team for the 2025 season. These speculations further contribute to the excitement surrounding Ferrari and its future prospects in the automotive industry.