Ferrari Raises Guidance After Earnings Beat Forecasts

By David Sachs

Ferrari raised its earnings targets for the year after revenue and profit jumped in the second quarter as shipments increased and demand for customizations rose.

The Italian luxury sports-car maker said Thursday that revenue rose 16% on year to EUR1.71 billion euros ($1.85 billion). The sum beat market expectations of EUR1.62 billion, according to analysts polled by FactSet.

After-tax profit jumped 24% to EUR413 million, Ferrari said. Analysts had forecast after-tax income at EUR359 million, according to FactSet.

Ferrari raised its full-year targets for revenue, adjusted earnings before interest and taxes, and adjusted earnings before interest, taxes, depreciation and amortization. The company also now expects a higher EBIT margin.

Ferrari, which keeps production limits to boost the value of its collector-item cars, posted second-quarter shipments of 3,484, an increase of 3%. Shipments came in over the Visible Alpha forecast of 3,471.

On an adjusted bases, EBIT finished the quarter at EUR511 million, up 17% from a year prior. Analysts expected adjusted EBIT at EUR472 million.

The adjusted EBIT margin hit 29.9%, compared with a margin of 29.7% in the second quarter of last year, the company said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

August 01, 2024 07:36 ET (11:36 GMT)

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