Based on the results obtained last quarter, the management of the Prancing Horse confirmed the financial estimates for 2024.
Ferrari communicated the financial results for the 1st quarter of 2024, a period which closed with significantly improved revenues and profitability.
Based on the results obtained last quarter the management of the Prancing Horse has confirmed the financial estimates for 2024.
Ferrari, revenues and profitability in the 1st quarter of 2024
Ferrari closed last quarter with Net revenues for 1.59 billion euros, an increase of 10.9% compared to the 1.43 billion obtained in the first three months of the previous financial year (+12.8% at constant exchange rates). In the period under review, the Prancing Horse delivered 3,560 cars (7 units less than in the first three months of 2023).
The adjusted gross operating margin rose by 13% to 605 million euros. Consequently, the marginality improved to 38.2%.
The adjusted operating result reached 442 million euros, up 15% on an annual basis, with a margin on revenues at 27.9% from 26.9% in the 1st quarter of the previous year.
Ferrari finished the first three months of 2024 with a Net income of 352 million euros (+19% compared to the 297 million recorded in the same period last year).
Ferrari, liquidity position at the end of March 2024
At the end of March 2024 the net industrial financial position it was positive for 38 million euros, compared to the debt of 99 million euros at the beginning of the year.
On the same date the overall liquidity available it was equal to 1.97 billion euros, down from 1.72 billion at the beginning of the year, including committed and unused credit lines of 600 million.
In the 1st quarter of 2024 the industrial free cash flow amounted to 321 million, driven by EBITDA growth, partly offset by capital expenditures of 195 million and the increase in working capital, funds and other items (71 million).
Ferrari, estimates for 2024
Based on the results obtained in the first three months of the year, Ferrari management confirmed the financial estimates for the current financial year.
The Prancing Horse expects to close 2024 with revenues above 6.4 billion euros, while the adjusted gross operating margin should exceed 2.45 billion euros, with a marginality by over 38%.
The forecast on adjusted operating result is higher than 1.77 billion euros, while theadjusted net profit per share it is indicated at over 7.5 euros.
The industrial cash flow it is estimated to exceed 0.9 billion euros.
