Shares of Ferrari NV (NYSE:RACE) are up more than 6% in pre-market trading Thursday morning after the automaker released its FY2023 earnings results.
“2023 was a very successful year, during which we strengthened our brand through a number of achievements reflected in our unprecedented financial results.” Said Ferrari CEO, Benedetto Vigna.
The FY2023 marked a historic milestone for Ferrari as profits soared by 34%, surpassing 1 billion Euro for the first time in the company's history. Annual EBITDA margins also saw a sizable increase, rising to 38.2%. Net revenues for the year were reported at Euro 5,970 million, reflecting a remarkable 17.2% increase compared to the previous year. The total shipments for 2023 amounted to 13,663 units, representing a 3.3% uptick.
The surge in deliveries was attributed to the successful ramp-up phase of the Purosangue, coupled with increased shipments of the 296 and SF90 families. Notably, the first shipments of the Roma Spider commenced in the 4Q, contributing to the overall positive performance.
On a quarterly basis, RACE exceeded 4Q EPS estimates by EUR0.02, reporting an adjusted EPS of EUR1.62. However, revenue for the quarter fell slightly short of the consensus estimate, coming in at EUR1.52 billion.
Looking ahead, Ferrari provided optimistic guidance for 2024, anticipating net revenues of EUR6.4 billion and an expected EPS of EUR7.50.
“We now have a very important year ahead of us in the execution of our business plan.” Added Vigna.
Shares of RACE are up 6.19% in pre-market trading Thursday morning.