Ferrari Stock Jumps After Earnings
Ferrari shares jumped Thursday after the company posted full-year earnings and set 2024 targets that largely align with consensus.
Shares in the Italian sports car company were up more than 9%.
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Ferrari shares jumped after the company posted full-year earnings and set 2024 targets that largely align with consensus, via @FactSet #Ferrari #shares pic.twitter.com/OuRPT5IgL9
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Ferrari posted a higher-than-expected after-tax profit for the fourth quarter at 294 million euros ($318.1 million) while reporting a record EUR1.26 billion for the full year.
Its 2024 guidance, including revenue of more than EUR6.4 billion and earnings before interest and taxes margin of more than 27%—largely aligns with consensus.
Bernstein analysts said that might relieve traders concerned that Ferrari would continue to manage down expectations.
Ferrari’s earnings per share for 2023 came in at EUR6.91, which Bernstein analysts noted beat the company’s guidance by 2.3%, as expected.
