According to Bloomberg, Ferrari NV has raised its full-year profit forecast for 2024 as customized services and increased shipments of limited edition models such as the $2.
2 million Daytona SP3 boosted the company’s second-quarter profit.
Photo source: Ferrari, according to Ferrari’s quarterly earnings report released on August 1, it expects sales for the full year of 2024 to exceed 6.
55 billion euros, higher than the previous forecast of 6.
4 billion euros.
adjusted earnings before interest, tax, depreciation and amortization (EBITDA) is at least 2.
5 billion euros (approximately 2.
7 billion US dollars), higher than the previous forecast of at least 2.
45 billion euros.
Subsequently, Ferrari’s share price rose 4.
1% at one point, the largest increase since February.
Ferrari CEO Benedetto Vigna said it is committed to maintaining the uniqueness of the company’s product line, relying on customized services to increase profits and create room for further price increases.
Thanks to this strategy, the company’s sales and profits grew at double-digit rates in the second quarter of this year.
In the second quarter of this year, Ferrari’s sales increased 16% year-on-year to 1.
71 billion euros, exceeding Bloomberg’s average forecast of 1.
62 billion euros.
adjusted EBITDA rose 14% to 669 million euros, compared with analysts ‘average forecast of 645.
2 million euros.
The company’s current free cash flow is as high as 950 million euros, slightly higher than previous expectations of more than 900 million euros.
Last quarter, Ferrari shipments increased 3% to 3,484 units, driven mainly by the Purosangue model and the Roma Spider and 296 GTS Spider.
, Vigna is also working hard to guide Ferrari into the era of electrification.
This is a challenging task for a company known for its 12-cylinder internal combustion engines.
In June this year, the company showed off its new factory in Italy for the first time.
The factory’s first cars will be rolled off the production line in January next year, and mass production of its first electric vehicle will begin in January 2026.
It will also produce hybrid models and traditional internal combustion engine models.
, Return to the first electric network home page>,.
