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Key Takeaways
- Ferrari on Thursday increased its projected 2024 revenue to more than 6.55 billion euros ($7.07 billion) from more than EUR6.4 billion.
- The Italian car maker shipped 3,484 units in the second quarter, up 2.7% year-over-year and above analysts’ estimates, led by the Ferrari Purosangue, the Roma Spider, and the 296 GTS models.
- Ferrari CEO Benedetto Vigna attributed the positive results to “the enrichment of the product mix and the increased demand for personalizations.”
Ferrari (RACE) boosted its full-year guidance when delivering second-quarter results that topped revenue expectations on Thursday.
The Italian automaker now projects 2024 net revenue of more than 6.55 billion euros ($7.07 billion), up from more than EUR6.4 billion, and adjusted earnings per share (EPS) of at least EUR7.90, up from at least EUR7.50.Â
Quarterly Revenue Beat Estimates
In the second quarter, Ferrari’s revenue jumped 16.2% year-over-year to EUR1.71 billion and shipments rose by 2.7% to 3,484 units. Analysts had called for EUR1.6 billion in revenue and 3,471 units shipped, per Visible Alpha.Â
The Ferrari Purosangue, the Roma Spider, and the 296 GTS led shipments in the quarter, with Chief Executive Officer (CEO) Benedetto Vigna pointing to “the enrichment of the product mix and the increased demand for personalizations” for the strong quarterly results.
Ferrari shares rose 1.5% to $419.08 as of 1:30 p.m. ET Thursday. They are up about 24% this year.Â