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HomeNewsFerrari Beats Estimates with Record Q1 Profit and Revenue

Ferrari Beats Estimates with Record Q1 Profit and Revenue

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Milan, May 8, 2024Italian luxury sports carmaker Ferrari reported strong results for the first quarter of 2024, exceeding analyst expectations. The company achieved double-digit growth in core earnings and revenue.

Despite a slight decline in sales volume, Ferrari managed to secure record results thanks to price increases and a favorable product mix. The company benefits from the high popularity of its brands and product exclusivity, and this trend is expected to continue throughout 2024.

Key points:

  • Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) reached €605 million (+12.7%)
  • Net profit rose to €352 million (+19%)
  • Revenue climbed to €1.59 billion (+11%)
  • Sales volume dipped to 3,560 cars
  • Company confirms full-year 2024 forecasts: EBITDA of at least €2.45 billion, revenue exceeding €6.4 billion

Sources: Ferrari website

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