The Ferrari Purosangue SUV’s car key. Adam Jeffery | CNBCLuxury car manufacturer Ferrari went beyond Wall Street’s financial predictions for the fourth quarter, concluding a year of remarkable profits. The company reported a net profit of 1.26 billion euros, equivalent to $1.36 billion, for the year 2023, including 294 million euros, or $317.9 million, during the fourth quarter. Its adjusted earnings before interest and taxes (EBIT) stood at 1.62 billion euros, or $1.75 billion, for the whole year, including 372 million euros, or $402.3 million, in the last quarter. Both figures set annual records for the company. Ferrari’s revenue for the year rose by 17% to 5.97 billion euros, or $6.46 billion. This included an 11% increase in the fourth quarter, rising from 1.37 billion euros in 2022 to 1.523 billion euros in 2023. Ferrari expects to exceed these records in 2024, with a revenue forecast of over 6.4 billion euros, equivalent to $6.9 billion, and adjusted per-share profits of at least 7.50 euros, along with an adjusted EBIT margin of at least 38%. The company expects its adjusted profit margins to be in line with, or slightly lower than, those of 2023.Shares of Ferrari hit a new 52-week high during Thursday morning’s trading. They rose by about 10% to over $380 per share on the New York Stock Exchange. The company’s previous 52-week high was $372.42 on December 11. Here is how the company performed in the fourth quarter, compared to the average estimates compiled by LSEG, formerly known as Refinitiv:Earnings per share: 1.62 euros adjusted against the expected 1.50 eurosRevenue: 1.523 billion euros compared to the expected 1.506 billion eurosFerrari shipments rose by 3% last year to 13,663 vehicles in 2023, including 3,245 units in the fourth quarter.”We now have a very important year ahead of us in the execution of our business plan, which continues on schedule along its carefully planned path,” Ferrari CEO Benedetto Vigna said in a release. “The record 2023 results, the ambitions that we have on 2024, together with the exceptional visibility on our order book allow us to look at the high-end of 2026 targets with stronger confidence.”In other Ferrari news, there have been reports from multiple media outlets suggesting that Formula 1 star Lewis Hamilton is close to making a surprising move from Mercedes to the Ferrari racing team for the 2025 season.
