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Home»Finance»Ferrari stock soars as 2024 profit outlook improves as demand for luxury goods remains strong
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Ferrari stock soars as 2024 profit outlook improves as demand for luxury goods remains strong

The Elite Times TeamBy The Elite Times TeamFebruary 2, 2024No Comments4 Mins Read
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Ferrari (RACE) stock rose today after the Italian luxury automaker reported better-than-expected fourth-quarter sales results and said it expects the momentum to continue in 2024. There is. The Maranello-based carmaker is also rumored to have signed seven-time F1 champion Lewis Hamilton. That racing team is giving Ferrari fans (and some investors) even more reason to root for them.

For the quarter, Ferrari reported revenue of 1.52 billion euros ($1.65 billion), beating estimates compiled by Bloomberg of 1.5 billion euros ($1.63 billion). Ferrari announced that sales increased by 11% compared to the previous year. In terms of profitability, Ferrari reported adjusted EBITDA of 558 million euros ($606 million), slightly below expectations of 560 million euros ($608.2 million). Ferrari’s annual net profit rose by 34% to exceed 1 billion euros for the first time, reaching a record 1.257 billion euros ($1.3 billion).

Ferrari Purosangue SUV at the Ferrari Purosangue SUV at the

Ferrari Purosangue SUV at the “Game Changers” exhibit at Vessel in New York City on October 17, 2023. (Pras Subramanian/Yahoo Finance) (Plus Subramanian)

Exciting investors is Ferrari’s outlook for 2024, with the automaker expecting strong demand for luxury goods, with sales of 6.4 billion euros and adjusted EBITDA of 2.45 billion euros (26 It is expected to reach $40 million.

“2023 was a very successful year in which we strengthened the brand through a number of achievements reflected in unprecedented financial results,” Ferrari CEO Benedetto Vigna said in a statement. “With our record performance in 2023, the ambitions we have for 2024 and the exceptional visibility in our order book, we can look to our 2026 cap targets with even greater confidence. can.”

Ferrari’s long-term goals for 2026 include a product mix of 40% gasoline and 60% hybrid vehicles, with an EBITDA target of 2.5 billion to 2.7 billion euros ($2.72 billion to $2.93 billion). , the EBITDA margin is between 38% and 40%.

In terms of deliveries, Ferrari shipped 13,663 cars in 2023, an increase of 3% year-on-year. In particular, deliveries to the Americas drove his 10.6% growth. Ferrari said its new SUV Purosangue and hybrid sports cars 296 and SF90 drove profits. Ferrari plans to launch its first fully electric car in the fourth quarter of 2025 and is building a new factory in Maranello to assemble hybrid and fully electric cars.

“We note our long history of providing conservative guidance, and our 2024 assumptions include a healthy dose of conservatism,” CFRA analyst Garrett Nelson said in a note to investors. It seems like there is.” Nelson reiterated his “buy” rating on Ferrari, raising his price target by $25 to $385, citing Ferrari’s “excellent earnings performance (achieving final profits for 14 consecutive years).”

Ferrari F1 team on the verge of surprise contract

FILE - British Mercedes driver Lewis Hamilton arrives at the Bahrain International Circuit in Sakhir, Bahrain, Thursday, March 2, 2023.  Seven-time F1 champion Lewis Hamilton is rumored to be making a surprise move from Mercedes to Ferrari next year.  (AP Photo/Frank Augstein, File)FILE - British Mercedes driver Lewis Hamilton arrives at the Bahrain International Circuit in Sakhir, Bahrain, Thursday, March 2, 2023.  Seven-time F1 champion Lewis Hamilton is rumored to be making a surprise move from Mercedes to Ferrari next year.  (AP Photo/Frank Augstein, File)

British Mercedes driver Lewis Hamilton arrives at the Bahrain International Circuit in Sakhir, Bahrain, Thursday, March 2, 2023. Seven-time F1 champion Lewis Hamilton is rumored to be making a surprise move from Mercedes to Ferrari next year. (Frank Augstein/AP Photo, File) (Related news)

One piece of news that confirms Ferrari’s strong quarterly and year-end results is the confirmation of major changes to the driver line-up for Formula 1 team Scuderia Ferrari.

Thursday afternoon, Scuderia Ferrari Seven-time champion Lewis Hamilton confirmed will move from the Mercedes F1 team, where he has driven since 2013, to Scuderia Ferrari in 2025.

Hamilton is reportedly under contract with Mercedes until 2024, but only has an option for 2025, at which point he could move to Ferrari.

In addition to his seven world championships, Hamilton is the winningest driver in F1 history and will join the oldest team in the F1 paddock. Scuderia Ferrari has been in operation since 1929 and has won the constructors’ world championship 16 times, but hasn’t won a title since 2008.

Pras Subramanian is a reporter for Yahoo Finance.you can follow him twitter And even more Instagram.

Click here for the latest earnings report and analysis, earnings whispers and expectations, and company earnings news.

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