“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.”
With these words Benedetto Vigna, CEO of Ferraricommented on the numbers for the first quarter of 2024 fired by the supercar house.
A balance sheet, relating to the period ended on March 31st, which saw net revenues of 1,585 million euros, up 10.9% compared to the previous year and total deliveries of 3,560 units, practically unchanged compared to the first quarter of 2023 Equita analysts’ expectations were for 1.55 billion in revenues.
This brought the operating margin (ebit) net of extraordinary items to 442 million at 27.9%, up 14.8% compared to the previous year. If we look at the ebitda, or the gross operating margin, the figure is instead 605 million, with an increase of 12.7% and an incidence of 38.2%.
Net profit without considering exceptional items was 352 million, equal to 1.95 euros per share. Equita estimated a profit of 333 million in this case. The Prancing Horse generated 321 million in industrial cash.
The market reacted negatively to the accounts, with the stock falling. Overall, according to eToro analyst Gabriel Debach this is a correction linked to “a not entirely sparkling start this year, coming close to but not completely meeting analysts’ high expectations. For the first quarter of 2024, the company reported an EPS (earnings per share) of 1.95 euros, slightly below the forecast which placed it at 2.02 euros, while turnover reached 1.59 billion euro, also lower than expectations of 1.66 billion euros”.
On market sales, Vigna commented: “We prefer to avoid making fireworks that pay off in the short term and not in the long term. It’s a marathon.” For the manager “we always learn from these market reactions, then for us the important thing is that we do what we promise and continue to have the same confidence as before”.
“Our strategy, focused on growth in value and not on volumes, has proven to be successful,” Vigna himself explained in the financial statement. “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”.
Maranello therefore confirmed the objectives for 2024: net revenues above 6.4 billion euros, ebit equal to or greater than 1.77 billion with a margin equal to or greater than 27%, diluted earnings per share equal to or greater than 7.50 euros , EBITDA equal to or above 2.45 billion with a margin of 38% and industrial free cash flow exceeding 900 million euros.
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– 2024-05-07 16:28:53
