Investing.com – Despite double-digit growth in revenues and profits, the stock Ferrari (BIT:) put the reverse gear on the . At 2pm the Prancing Horse lost 4.73% from 397.6 euros per share the day before.
Ferrari’s first quarter numbers
Between January and March, Ferrari recorded net revenues of €1.585 billion, up 10.9% compared to the previous year, and total deliveries of 3,560 units, virtually unchanged compared to the first quarter of 2023. However, the turnover data disappoints experts who expected revenue of 1.66 billion euros in the quarter.
Adjusted EBIT also grew (+14.8%) in the first 3 months of the year, reaching 442 million euros, but the margin was 27.9%, below the 28.5% estimated by the analysts.
The same goes for the adjusted EBITDA, equal to 605 million euros, an increase of 12.7% compared to the previous year, but with a margin of 38.2%, a figure lower than the 38.7% set by the consensus.
Finally, adjusted net profit for the quarter increased 19% year over year, reaching $352 million. However, diluted earnings per share stood at 1.95 euros, disappointing analysts who had expected an EPS of 2.02 euros.
Guidance 2024 confirmed
Maranello then confirmed its 2024 guidance, the year in which it expects to achieve a turnover of more than 6.4 billion euros and an EPS equal to or above 7.5 euros.
“The start of the year was very positive: revenues and profits grew by double digits with stable deliveries. A result achieved thanks to an even stronger product and geographic mix, in addition to the greater contribution of customizations. Our strategy, focused on growth in value and not on volumes, has proven to be successful,” declared Benedetto Vigna, CEO of Ferrari. “In line with this strategy, the execution of our industrial plan is continuing on schedule, with the enrichment of the vehicle range thanks to the recent launch of the 12Cilindri and the 12Cilindri Spider”.
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