RACE - Ferrari Stock Races 6% In Premarket As Company Projects 2024 Earnings Growth | Benzinga
In a recent announcement, luxury sports car manufacturer Ferrari NV (NYSE:RACE) has projected a rise in its revenue and core earnings for 2024. This projection is based on a robust order book and the company’s successful performance in 2023.
What Happened: in its Q4 results presentation on Thursday, Ferrari revealed that it anticipates its adjusted EBITDA to reach at least 2.45 billion euros ($2.64 billion) in 2024. Reuters reported that this is a significant increase from the 2.28 billion euros achieved in 2023.
The company’s Milan-listed shares initially experienced a decline but then surged by 4.1% following the announcement. Ferrari’s CEO, Benedetto Vigna, attributed this positive outlook to the “exceptional visibility” provided by the company’s order book, which has bolstered confidence in achieving the high-end of the 2026 targets.
Ferrari’s long-term business plan includes an adjusted EBITDA forecast of 2.5-2.7 billion euros ($2.70-$2.92 billion) for 2026.
At the time of writing this article, Ferrari was trading at around ...