Ferrari N.V. (NYSE:RACE) reported better-than-expected earnings for the fiscal Q2 and raised its adjusted EBITDA forecast for the full fiscal 2024.
The carmaker’s shares rose 5% in premarket trading Thursday.
Ferrari posted Q2 earnings per share (EPS) of EUR 2.29, beating the analysts' estimate of EUR 2.23. Revenue came in at EUR 1.71 billion, slightly below the consensus estimate of EUR 1.76 billion.
Ferrari's adjusted EBITDA was EUR 669 million, a 14% increase year-over-year, and above the estimated EUR 645.2 million.
The adjusted EBIT margin was 29.9%, compared to 29.7% year-over-year, and above the estimated 29.3%.
Deliveries for the quarter were 3,484 units, a 2.7% increase year-over-year, and just below the estimate of 3,486 units.
For FY 2024, Ferrari expects adjusted diluted EPS of at least EUR 7.90, up from the previous guidance of at least EUR 7.50 and above the analysts' estimate of EUR 7.78.
Net revenue is expected to be above EUR 6.55 billion, compared to the previous guidance of EUR 6.4 billion and the consensus of EUR 6.524 billion.
Adjusted EBITDA is projected to be at least EUR 2.50 billion, up from the prior forecast of at least EUR 2.45 billion, though slightly below the estimate of EUR 2.53 billion.
“We are delighted to announce excellent financial results in the second quarter of 2024, which demonstrate again a strong execution and continued growth,” said Benedetto Vigna, CEO of Ferrari.
“Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalizations, which led us to upgrade our 2024 guidance.”