Ferrari Lifts FY23 View After Strong Q3 Results; Stock Up

(RTTNews) - Ferrari N.V.'s (RACE) shares were gaining around 5 percent in Milan as well as on the NYSE after the Italian luxury sports carmaker raised its fiscal 2023 forecast after reporting higher third-quarter results.

Net profit for the quarter was 332 million euros, up 45.7 percent from prior year's 104 million euros. Earnings per share were 1.82 euros, compared to 1.23 euros a year ago.

EBIT was 423 million euros, up 41.6 percent from last year, and EBIT margin improved 350 basis points to 27.4 percent.

Adjusted EBITDA was 595 million euros, a growth of 37 percent, with adjusted EBITDA margin of 38.6 percent, up 380 basis points from last year.

Net revenues for the quarter climbed 23.5 percent to 1.54 billion euros from 1.25 billion euros a year earlier.

Total shipments of 3,459 units went up 8.5 percent from last year.

Benedetto Vigna, Ferrari Chief Executive Officer, said the order book remains at highest levels reflecting strong demand across all geographies, covering the entire 2025.

Looking ahead for fiscal 2023, the company now expects adjusted earnings per share in line or above 6.55 euros per share, higher than previous view of 6.25 euros to 6.40 euros per share. The prior year's adjusted earnings were 5.09 euros per share.

Net revenues for the year are now expected to be around 5.9 billion euros, up from previously expected around 5.8 billion euros, and higher than last year's 5.1 billion euros.

Further, adjusted EBITDA is now expected to be inline or above 2.25 billion euros or 38 percent of total revenues, while the previous outlook was 2.19 billion euros to 2.22 billion euros, with a margin of around 38 percent.

On the NYSE, Ferrari shares are currently trading at $319.55, up 4.78 percent.

In Milan, the shares are at 302.70 euros, up 5.40 percent.

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