Ferrari Reports Strong Q3 2024 Financial Results
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Ferrari Reports Strong Q3 2024 Financial Results

Ferrari NV ( (RACE) ) has released its Q3 earnings. Here is a breakdown of the information Ferrari NV presented to its investors.

Ferrari N.V., a leading luxury performance sports car manufacturer, is renowned for its iconic design, engineering, and association with Formula 1 racing under the Scuderia Ferrari team. Based in Maranello, Italy, the company sells its exclusive vehicles globally.

Ferrari’s recent earnings report for Q3 2024 highlights a notable increase in net revenues and profits. The company reported net revenues of €1,644 million, a 6.5% rise from the previous year, driven by a strong product mix and increased personalizations. The adjusted net profit rose to €375 million, reflecting a 13% increase, with a diluted EPS of €2.08.

Key financial metrics reveal a 10.3% increase in adjusted EBIT to €467 million, with a margin of 28.4%. Adjusted EBITDA saw a 7.1% rise, reaching €638 million, showcasing the effective cost management and product pricing strategies. Despite a slight decline in shipments, the robust performance was supported by a richer product mix and strategic geographic allocations.

Ferrari’s strategic initiatives include innovative advancements in electrification, as exemplified by the unveiling of the F80 supercar, and a commitment to sustainability with the shutdown of the Maranello gas-fueled trigeneration plant. These efforts align with Ferrari’s goal of achieving carbon neutrality by 2030.

Looking ahead, Ferrari remains confident in its fiscal year outlook, expecting continued growth in revenues, driven by product innovation and enhanced personalizations, despite ongoing cost inflation. The company aims to uphold its strong financial performance while investing in brand and racing activities.

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