- Wednesday, October 16, 2024
Shares of Ferrari saw a significant increase on Thursday following the release of their full-year earnings report and 2024 targets that were largely in line with market expectations.
At 1254 GMT, shares in the renowned Italian sports-car company rose by 5% to EUR339.80.
Ferrari reported a fourth-quarter after-tax profit of 294 million euros ($318.1 million), surpassing expectations, and achieved a record-breaking EUR1.26 billion for the entire year.
Looking ahead to 2024, Ferrari's guidance is optimistic, with projected revenue exceeding EUR6.4 billion and an impressive earnings before interest and taxes (EBIT) margin of over 27%. This forecast is consistent with market consensus, which has alleviated concerns among traders who feared that Ferrari might lower expectations.
According to Bernstein analysts, the fourth-quarter earnings report and the forward guidance provided by Ferrari during this time significantly influence near-term trading. They expect that as Ferrari gains more insight into personalization rates, there is a possibility for the guidance to improve throughout the year.
In 2023, Ferrari's earnings per share reached EUR6.91, exceeding the company's own projections by 2.3%, reinforcing market confidence.
Overall, Ferrari's impressive financial performance has sparked positive reactions in the stock market, indicating strong growth potential for the iconic luxury brand.
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