Ferrari Raises Outlook After Profit Jump

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 [e-mail]

(END) Dow Jones Newswires

August 02, 2023 07:33 ET (11:33 GMT)

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