Luxury sports car manufacturer Ferrari has defied expectations with their impressive fourth-quarter earnings, wrapping up a record-breaking year of profits. The company reported a net profit of 1.26 billion euros ($1.36 billion) for 2023, with a staggering 294 million euros ($317.9 million) generated in the fourth quarter alone.
Ferrari’s adjusted earnings before interest and taxes (EBIT) reached an impressive 1.62 billion euros ($1.75 billion) for the year, with 372 million euros ($402.3 million) in the last quarter. This marks a significant achievement for the company, setting new records in both net profit and adjusted EBIT.
The luxury car manufacturer also experienced a notable increase in revenue, which rose by 17% in 2023, reaching 5.97 billion euros ($6.46 billion). The fourth quarter alone saw an 11% increase in revenue compared to the previous year.
Looking ahead, Ferrari is projecting even stronger results for 2024, with a projected revenue surpassing 6.4 billion euros ($6.9 billion) and an adjusted per share profit of at least 7.50 euros. These predictions have created a sense of excitement among investors, leading to a surge in Ferrari’s stock price. Shares of the company reached a new 52-week high, rising approximately 10% to over $380 on the New York Stock Exchange.
Benedetto Vigna, CEO of Ferrari, expressed confidence in the company’s future prospects and highlighted their robust order book. Vigna believes that Ferrari’s strong performance will continue to drive growth and success in the coming years.
In other news, there have been reports circulating about Formula 1 superstar Lewis Hamilton potentially making a surprising move from Mercedes to Ferrari for the 2025 racing season. While no official announcements have been made, the rumors have sparked intrigue and speculation among motorsport enthusiasts.
Overall, Ferrari’s outstanding financial performance and positive outlook for the future position them as a top player in the luxury sports car market. With their record-breaking profits and potential superstar driver addition, the company is set to continue making waves in the world of automotive excellence.
Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.