Ferrari reports record profit
February 05, 2025 00:00:00
ROME, Feb 4 (AFP): Italian luxury carmaker Ferrari posted another set of record results on Tuesday, with net profit surging to more than 1.5 billion euros last year.
Profit was up 21 percent on the previous year to 1.53 billion euros ($1.58 billion), beating the 1.46 billion euros predicted by analysts surveyed by Factset.
Net profit in the fourth quarter was up 31 percent from the period the year before to 386 million euros, also ahead of forecasts.
Ferrari's revenues reached 6.68 billion euros over the full year, surpassing its own target of more than 6.55 billion euros.
Yet the company sold just 89 more cars compared to the previous year, with shipments increasing barely one percent to 13,752.
"Quality of revenues over volumes-I believe this best explains our outstanding financial results in 2024, thanks to a strong product mix and a growing demand for personalisations," chief executive Benedetto Vigna said in a statement.
"On these solid foundations, we expect further robust growth in 2025, that will allow us to reach one year in advance the high-end of most of our profitability targets for 2026," he said.