Ferrari Q2 Profit Rises; Net Revenues Up 12.8% At Constant Currency; Upgrades Guidance

(RTTNews) - Ferrari N.V. (RACE) reported that its second-quarter net income increased to 334 million euros from 251 million euros, last year. Earnings per share was 1.83 euros compared to 1.36 euros. Adjusted EBIT was 437 million euros, up 35.4% from prior year. Adjusted earnings per share was 1.83 euros compared to 1.36 euros.

Second quarter net revenues were 1.47 billion euros, up 14.1% or 12.8% at constant currency. Revenues from Cars and spare parts were 1.26 billion euros, up 14.9% or 13.5% at constant currency. Shipments were 3,392 units, down 63 units from the prior year.

For 2023, the company now expects: net revenues of approximately 5.8 billion euros, revised from prior guidance of approximately 5.7 billion euros. Adjusted EPS is now projected in a range of 6.25-6.40 euros, revised from previous guidance of 6.00-6.20 euros.

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