Ferrari Posts Higher Sales, Profit Despite Slip in Shipments
By David Sachs
Ferrari's revenue rose in the fourth quarter and after-tax profit beat expectations despite slightly lower shipments.
The Italian sports-car maker said Thursday that after-tax profit reached 294 million euros ($318.1 million) compared with EUR221 million a year earlier. Analysts had expected EUR271 million, according to estimates provided by FactSet.
Ferrari posted revenue of EUR1.52 billion, up 11% from a year ago. Analysts had predicted revenue of EUR1.51 billion, according to FactSet. Shipments fell 2% to 3,245 but rose 3% for the full year, the company said.
Earnings before interest and taxes rose 25% to EUR372 million. Earnings before interest, taxes, depreciation and amortization hit EUR558 million, an increase of 19%. Analysts had estimated Ebitda at EUR555 million.
Ferrari set its full-year revenue target at more than EUR6.4 billion after finishing 2023 at EUR5.97 billion, it said. It expects an EBIT margin of more than 27% after finishing 2023 with a margin of 27.1%.
Industrial free cash flow is expected to exceed EUR900 million, the company said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
February 01, 2024 07:08 ET (12:08 GMT)
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