Ferrari N.V. (NYSE: RACE) witnessed a substantial uptick in its stocks, concluding the prior trading session with a 12.85% increase, reaching $389.45. This surge was prompted by the disclosure of the company’s financial results before the market opened on Thursday.
Ferrari (RACE) unveiled its consolidated preliminary results for the fourth quarter and the entire year concluding on December 31, 2023. The total net revenues for 2023 escalated by 17.2% (or 17.1% in constant currency terms), reaching Euro 5,970 million.
The revenues from Cars and spare parts amounted to Euro 5,119 million, attributed to a more diverse product and country mix, augmented contributions from personalization, increased volumes, and pricing adjustments.
Sponsorship, commercial, and brand revenues reached Euro 572 million, marking a 14.6% increase (or 12.6% at constant currency), primarily driven by new sponsorships, heightened Formula 1 commercial revenues, improved ranking in 2022 compared to 2021, and contributions from lifestyle activities.
Engines’ sales decreased by Euro 127 million (18.4%) due to fewer shipments to Maserati mainly because of the contract’s expiration at the end of 2023. The adjusted diluted profits per share for the year amounted to Euro 6.90, a rise from Euro 5.09 in 2022, and the adjusted net profit for the year stood at Euro 1,257 million, reflecting a 33.9% surge from the previous year.
Throughout this period, Ferrari and Philip Morris International initiated collaboration on a cross-industry project. This project leverages the technological capabilities of both companies to explore new energy-related technologies that could facilitate the decarbonization of their production facilities in Maranello and Crespellano, situated 30 km apart in the Emilia Romagna Region.
The partnership’s objective is to evaluate key solutions contributing to industrial electrification in the generation, storage, and transformation of renewable energy. Ferrari also achieved Equal-Salary Certification, demonstrating its commitment to gender equality in pay on a global scale.
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