MILAN, (Reuters) – Luxury sports car maker Ferrari sees further growth in revenues and core earnings this year, supported by a strong order book, reassuring investors who feared a conservative outlook.
Presenting its 2023 results, which broadly met its targets, the Italian company said it saw adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increasing to at least 2.45 billion euros ($2.64 billion) this year.
That compares with the 2.28 billion euros delivered in 2023.
Milan-listed shares in the company reversed earlier losses after results were published and were up 4.7% at 1250 GMT.
Bernstein analysts said Ferrari had recently reined in earnings expectations so the guidance for this year “may actually provide relief to some investors, who feared that Ferrari would continue to manage down expectations on 2024”.
“We believe there is room for guidance to creep up over the year as Ferrari gains more visibility on personalization rates,” they said in a note, referring to the premiums customers pay to make the cars they buy more suited to their tastes.
Chief Executive Bendetto Vigna said the “exceptional visibility” in the company’s order book would allow it “to look at the high-end of 2026 targets with stronger confidence”.
In its long-term business plan Ferrari has projected adjusted EBITDA of 2.5-2.7 billion euros in 2026.
The company, which has promised its first fully electric car in late 2025, said its shipments rose 3.3% last year to 13.663 vehicles, driven by the ramp-up phase of its four-door, four-seater Purosangue model.
