Ferrari, the iconic luxury sports car manufacturer, concluded an exceptional year by surpassing Wall Street’s projections for both top and bottom-line earnings in the fourth quarter. The company’s 2023 revenue soared by 17% to 5.97 billion euros ($6.46 billion), with an impressive 11% increase in the fourth quarter alone.
For the full year, Ferrari reported a net profit of 1.26 billion euros ($1.36 billion), including 294 million euros ($317.9 million) in the fourth quarter. Setting yearly records, the adjusted earnings before interest and taxes (EBIT) reached 1.62 billion euros ($1.75 billion) for the year, including 372 million euros ($402.3 million) in the last quarter.
Anticipating continued success, Ferrari projects to surpass these achievements in 2024, with a forecasted revenue exceeding 6.4 billion euros ($6.9 billion) and an adjusted per-share profit of at least 7.50 euros, maintaining an adjusted EBIT margin of at least 38%.
Ferrari’s strong financial performance propelled its shares to a 52-week high, reaching nearly $390 on the New York Stock Exchange. Noteworthy achievements in the fourth quarter included adjusted earnings per share of 1.62 euros, surpassing the expected 1.50 euros, and revenue of 1.523 billion euros, exceeding the expected 1.506 billion.
With 2023 shipments up 3% to 13,663 vehicles, Ferrari’s CEO, Benedetto Vigna, expressed confidence in the company’s business plan execution, citing exceptional visibility in the order book. Meanwhile, Formula 1 star Lewis Hamilton will join the Ferrari racing team for the 2025 season, adding another layer of excitement to Ferrari’s prospects.
