Ferrari: results and forecasts boost share price

(CercleFinance.com) - Ferrari shares posted one of the biggest rises on the European stock markets on Thursday, as investors welcomed better-than-expected Q2 earnings and revised annual forecasts.


The Italian luxury carmaker reported a 17% increase in adjusted Ebitda to E511m, beating the consensus of E476m.

The Maranello-based firm generated an operating margin of 29.9%, compared with 29.7% a year earlier.

Sales rose by 16% to E1.71bn, again ahead of the E1.63bn consensus, notably boosted by sales of the Ferrari Purosangue, Roma Spider and 296 GTS models.

After exceeding estimates in Q2, Ferrari raised its annual forecast on Thursday.

The group now expects 2024 Ebitda to rise to at least E1.82bn, compared with a previous forecast of E1.77bn.

For 2024, it now anticipates sales to exceed E6.55bn, rather than just E6.40bn.

Up 4%, the Milan-listed Ferrari share was one of the biggest risers on Thursday in the pan-European STOXX 600 index, returning to the highs reached since its IPO in 2017.


Copyright (c) 2024 CercleFinance.com. All rights reserved.