Ferrari Raises Revenue, Profit, Despite Flat Car Shipments
By David Sachs
Ferrari's profit and revenue jumped in the first quarter as a favorable mix and customization sales offset flat car shipments.
The Italian ultra-luxury sports-car maker said Tuesday that aftertax profit rose 19% on year to 352 million euros ($379.1 million). Analysts had forecast aftertax profit at EUR334.3 million, according to the Visible Alpha consensus.
Ferrari's net revenue finished the period at EUR1.585 billion, jumping 11% and beating the Visible Alpha consensus of EUR1.57 billion. Shipments fell by seven vehicles, the carmaker said.
The company's earnings before interest and taxes margin--a key metric for the high-end carmaker-- was 27.9% compared with 26.9% a year prior.
Ferrari backed its full-year guidance.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
May 07, 2024 07:12 ET (11:12 GMT)
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