Ferrari Raises Outlook After Profit Jump
By David Sachs
Ferrari on Wednesday lifted its targets for the year after profit and revenue rose in the second quarter.
The Italian sports-car maker said its adjusted net profit rose to 334 million euros ($366.8 million) from EUR251 million in the second quarter of last year.
Adjusted earnings before interest, taxes, depreciation and amortization was EUR589 million compared with EUR446 million, while adjusted earnings before interest and taxes reached EUR437 million, up from EUR323 million.
Revenue rose 14% to EUR1.47 billion. Vehicle shipments fell 2% to 3,392.
Ferrari credited the performance with a strong product mix and order book across all regions, and particularly good income from customizing vehicles.
Ferrari now sees 2023 revenue growth of around 5.8%, up from 5.7%. Adjusted Ebitda is now expected between EUR2.19 billion and EUR2.22 billion, up from the previous target range of EUR2.13 billion to EUR2.18 billion. The company now sees adjusted EBIT at between EUR1.51 billion and EUR1.54 billion, compared EUR1.45 billion to EUR1.50 billion previously. The adjusted EBIT margin is now projected to be above 26% instead of around 26%.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
August 02, 2023 07:33 ET (11:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025