Ferrari puts the turbo: profits above estimates (+46%). And the stock soars on the stock market
Ferrari is unstoppable on its path to success, closing out another record-breaking quarter and surprising the market with an even brighter outlook for 2023. This amazing performance was recently reported by Republicemphasizing the remarkable increase in net revenues of the Maranello company, which reached 1.5 billion euros, recording a growth of 23.5% compared to the previous year. Furthermore, the deliveries of vehicles were 3,459, an increase of 8.5% compared to the third quarter of 2022. These exceptional results led to a net profit of 332 million euros, higher than expectations and with an increase of 46%.
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The positive reaction of the financial market was not long in coming, with the Ferrari stock which recorded an increase of 5.6%. These successes have pushed the company to upwardly revise its forecasts for 2023, forecasting revenues of 5.9 billion euros, compared to the previous 5.8 billion, and an adjusted ebit of 1.57 billion euros (it was expected between 1.51 and 1.54 billion euros). These positive data are a clear signal of the company’s solidity and resilience.
Ferrari CEO Benedetto Vigna expressed confidence in the future, saying that the company is proceeding according to the plans set out during the Capital Markets Day. Furthermore, the order book looks promising and covers the entire year 2025. However, Vigna emphasizes the importance of remaining flexible and ready to adapt to any changes in the economic environment. One of the main concerns concerns Ferrari’s electrification plan. The company has confirmed that there are no delays in its electric car plans, with e-building scheduled for June 2024 and the launch of the first fully electric Ferrari in the fourth quarter of 2025. This represents a significant milestone in the company’s journey. company towards sustainable mobility.
The company’s registered office remains in Italy, and Ferrari’s CEO reassures that there are no plans to move it in the Netherlands. However, the approval of the Capital Bill could have an impact on this decision, but for now there is no planned transfer. Furthermore, Ferrari’s share in China is 10%, in contrast to 20% in other regions of Asia, 30% in North and South America and 40% in Europe. Vigna explained that keeping 10% in China is a strategic choice of the company. Interestingly, in China, the typical Ferrari customer is female, with 25% of new Chinese customers being women, in contrast to 6% in the rest of the world. Ferrari continues to lead the successful luxury automotive sector, demonstrating an unwavering commitment to innovation and sustainability as it prepares to unveil its first electric car in the next future. The road to success seems to be even more promising for the Prancing Horse company.
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