Ferrari Raises Outlook After Profit Jump
August 02 2023 - 7:48AM
Dow Jones News
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)
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