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ferrari (NYSE:CAREERShares of ) rose in premarket trading on Thursday after the Italian automaker beat fourth-quarter earnings expectations.
For the reported quarter, the luxury sports car maker posted €1.21 in earnings per share and €1.39 billion in revenue. analysts had forecast €1.26 and €1.28B, respectively. Deliveries were also up sharply, marking a 13% year-over-year increase.
“Last year ended with outstanding financial results that met and exceeded our guidance and set new records across all metrics, including net profit of €939 million and industrial free cash flow generation of €758 million. These figures provide the foundation for an even stronger 2023, fueled by persistently high demand for our products around the world,” said Benedetto Vigna, CEO. “Despite a complex global macro scenario, we look to the future with great confidence, encouraged by the many signs and achievements of an evolving Ferrari.”
Moving forward to 2023, the company anticipates that it can use the price increases to offset rising costs and generate strong revenue from racing and lifestyle activities. Management expects full-year EPS to range between €6 and €6.20, above the consensus of €5.89. The company also expects revenue to reach 5.7 billion euros, above the expectation of 5.51 billion euros.
US-listed Ferrari (RACE) shares rose 3.98% in pre-market trading on Thursday.
Drill down into the details of the results.
