Shares in luxury sports car manufacturer Ferrari N.V. (RACE) have experienced an increase of over 10% this Thursday morning. This surge followed the disclosure of positive results for the fourth quarter.
The company's net profit for the last quarter increased, rising to 294 million euros, or 1.62 euros per share. This growth is significant compared to the previous year, which measured a net profit of 221 million euros or 1.21 euros per share.
Meanwhile, there was an 11% increase in net revenues for the quarter, which escalated to 1.52 billion euros from the previous year's last-quarter total of 1.37 billion euros.
Looking ahead to the fiscal year 2024, Ferrari has revealed its adjusted earnings projections of approximately or exceeding 7.50 euros per share. This forecast factors in net revenues projected to exceed 6.4 billion euros. These estimations represent an increase from the previous fiscal year's figures, which saw the adjusted earnings of 6.90 euros per share and revenue of 5.97 billion euros.
Currently, the trading price of RACE stands at $382.32, with the shares’ performance fluctuating between $252.17 and $383.64 over the past 52 weeks.
