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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters