Ferrari Raises Guidance After Sales Mix, Customizations Lift Profit
November 02 2023 - 8:46AM
Dow Jones News
By David Sachs
Ferrari raised its full-year guidance after profit and revenue
grew in the third quarter on a better sales mix and higher demand
for vehicle customization.
The Italian sports-car maker said Thursday that after-tax profit
reached 332.0 million euros ($350.9 million) compared with EUR228.0
million in the third quarter of last year. Analysts had expected
EUR297.0 million, according to estimates provided by FactSet.
Ferrari posted revenue of EUR1.54 billion, a 24% rise from a
year ago. Analysts had predicted revenue of EUR1.48 billion,
according to Factset.
Earnings before interest, taxes, depreciation and amortization
hit EUR595 million, an increase of 37%. Analysts polled by FactSet
had estimated EUR570 million.
The company's shipments rose on the quarter to 3,459 from 3,188,
Ferrari said.
Ferrari upgraded its full-year guidance thanks to a stronger
diversity of sales and high demand for vehicle customization, it
said. It now expects revenue to reach about EUR5.90 billion
compared with the previous target of about EUR5.80 billion. It also
expects an adjusted earnings before interest and taxes margin of at
least 26.5% compared with the previous target of at least 26%.
The company also slightly raised its Ebitda margin target to
above 38% from about 38% for 2023. Industrial free cash flow is now
expected to exceed EUR900 million compared to the previous target
of around EUR900 million.
At 1212 GMT, shares were up 2.9% to EUR295.30.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
November 02, 2023 08:31 ET (12:31 GMT)
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