Q2 2024 RESULTS CONFIRM STRONG EXECUTION AND CONTINUED GROWTH 2024 GUIDANCE REVISED UPWARD
Ferrari N.V. (NYSE/EXM: RACE) reported strong Q2 2024 results, demonstrating continued growth and execution. Net revenues increased 16.2% year-over-year to €1,712 million, with total shipments up 2.7% to 3,484 units. Adjusted EBIT rose 17.0% to €511 million, with a margin of 29.9%. Adjusted net profit reached €413 million, with adjusted diluted EPS at €2.29. Adjusted EBITDA grew 13.7% to €669 million, with a margin of 39.1%. The company generated €121 million in industrial free cash flow.
CEO Benedetto Vigna highlighted the enrichment of product mix and increased demand for personalizations as key drivers. Ferrari upgraded its 2024 guidance based on these results. The quarter also saw the inauguration of a new e-building and another victory at the 24 Hours of Le Mans.
Ferrari N.V. (NYSE/EXM: RACE) ha riportato risultati solidi per il secondo trimestre del 2024, dimostrando una continua crescita e realizzazione. I ricavi netti sono aumentati del 16,2% rispetto all'anno precedente, raggiungendo €1.712 milioni, con spedizioni totali in aumento del 2,7%, pari a 3.484 unità. L'EBIT rettificato è salito del 17,0% a €511 milioni, con un margine del 29,9%. Il profitto netto rettificato ha raggiunto €413 milioni, con un utile per azione diluito rettificato di €2,29. L'EBITDA rettificato è cresciuto del 13,7% a €669 milioni, con un margine del 39,1%. L'azienda ha generato €121 milioni di flusso di cassa libero industriale.
Il CEO Benedetto Vigna ha evidenziato il miglioramento del mix di prodotto e l'aumento della domanda per le personalizzazioni come fattori chiave. Ferrari ha aggiornato le sue previsioni per il 2024 sulla base di questi risultati. Nel trimestre si è anche inaugurato un nuovo e-building e si è registrata un'altra vittoria alle 24 Ore di Le Mans.
Ferrari N.V. (NYSE/EXM: RACE) reportó resultados sólidos para el segundo trimestre de 2024, demostrando un crecimiento y ejecución continuos. Los ingresos netos aumentaron un 16,2% interanual, alcanzando €1.712 millones, con un incremento en los envíos del 2,7%, totalizando 3.484 unidades. El EBIT ajustado creció un 17,0% hasta €511 millones, con un margen del 29,9%. El beneficio neto ajustado alcanzó €413 millones, con un EPS diluido ajustado de €2,29. El EBITDA ajustado creció un 13,7% a €669 millones, con un margen del 39,1%. La compañía generó €121 millones en flujo de caja libre industrial.
El CEO Benedetto Vigna destacó la mejora en la mezcla de productos y el aumento de la demanda por personalizaciones como factores clave. Ferrari actualizó sus previsiones para 2024 en base a estos resultados. El trimestre también vio la inauguración de un nuevo edificio electrónico y otra victoria en las 24 Horas de Le Mans.
페라리 N.V. (NYSE/EXM: RACE)는 2024년 2분기 강력한 실적을 보고하며 지속적인 성장과 실행 능력을 보여주었습니다. 넷 매출은 전년 대비 16.2% 증가하여 €1,712백만에 도달하였으며, 총 출하량은 2.7% 증가한 3,484대에 달했습니다. 조정 EBIT는 17.0% 증가하여 €511백만에 도달하였으며, 마진은 29.9%입니다. 조정 순이익은 €413백만에 도달하였고, 조정된 희석 EPS는 €2.29입니다. 조정 EBITDA는 13.7% 증가하여 €669백만에 달하였으며, 마진은 39.1%입니다. 회사는 €121백만의 산업 자유 현금 흐름을 창출했습니다.
CEO 베네데토 비냐는 제품 믹스의 향상과 개인화에 대한 수요 증대를 주요 동력으로 강조했습니다. 페라리는 이러한 결과를 바탕으로 2024년 가이던스를 상향 조정했습니다. 이번 분기에는 새로운 전자 건물의 개관과 르망 24시간 레이스에서의 추가 승리가 있었습니다.
Ferrari N.V. (NYSE/EXM: RACE) a annoncé de solides résultats pour le deuxième trimestre 2024, montrant une croissance et une exécution continues. Les revenus nets ont augmenté de 16,2% sur un an pour atteindre 1,712 million d'euros, avec des expéditions totales en hausse de 2,7% à 3 484 unités. Le résultat opérationnel ajusté a augmenté de 17,0% pour atteindre 511 millions d'euros, avec une marge de 29,9%. Le bénéfice net ajusté a atteint 413 millions d'euros, avec un BPA dilué ajusté à 2,29 €. Le EBITDA ajusté a augmenté de 13,7% pour atteindre 669 millions d'euros, avec une marge de 39,1%. L'entreprise a généré 121 millions d'euros de flux de trésorerie libre industriel.
Le PDG Benedetto Vigna a souligné l'enrichissement du mix produit et l'augmentation de la demande pour les personnalisations comme principaux moteurs. Ferrari a rehaussé ses prévisions pour 2024 sur la base de ces résultats. Le trimestre a également vu l'inauguration d'un nouveau bâtiment électronique et une nouvelle victoire aux 24 Heures du Mans.
Ferrari N.V. (NYSE/EXM: RACE) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, die ein fortgesetztes Wachstum und eine erfolgreiche Umsetzung zeigen. Die Nettoerlöse stiegen im Jahresvergleich um 16,2% auf 1.712 Millionen €, die Gesamtlieferungen erhöhten sich um 2,7% auf 3.484 Einheiten. Das bereinigte EBIT stieg um 17,0% auf 511 Millionen €, mit einer Marge von 29,9%. Der bereinigte Nettogewinn erreichte 413 Millionen €, mit einem bereinigten verwässerten EPS von 2,29 €. Das bereinigte EBITDA wuchs um 13,7% auf 669 Millionen €, mit einer Marge von 39,1%. Das Unternehmen erzielte 121 Millionen € an industriellem freien Cashflow.
CEO Benedetto Vigna hob die Verbesserung des Produktmixes und die steigende Nachfrage nach Personalisierungen als entscheidende Treiber hervor. Ferrari hat basierend auf diesen Ergebnissen die Prognosen für 2024 angehoben. Im Quartal fand auch die Eröffnung eines neuen E-Gebäudes und ein weiterer Sieg beim 24-Stunden-Rennen von Le Mans statt.
- Net revenues increased 16.2% year-over-year to €1,712 million
- Adjusted EBIT rose 17.0% to €511 million, with a margin of 29.9%
- Adjusted net profit reached €413 million
- Adjusted EBITDA grew 13.7% to €669 million, with a margin of 39.1%
- Industrial free cash flow generation of €121 million
- Total shipments increased 2.7% to 3,484 units
- Company upgraded its 2024 guidance
- None.
Insights
Ferrari's Q2 2024 results showcase impressive financial performance, highlighting the company's ability to execute its strategy effectively in a challenging market. The 16.2% year-over-year increase in net revenues to
The company's profitability metrics are equally impressive. The adjusted EBIT of
Of particular interest is the industrial free cash flow generation of
The decision to upgrade the 2024 guidance is a strong vote of confidence from management in the company's near-term prospects. This positive outlook, combined with Ferrari's proven ability to command premium pricing and maintain high margins, positions the company well for continued success in the luxury automotive market.
Ferrari's Q2 2024 results underscore the company's unique position in the automotive industry. The 2.7% increase in shipments to 3,484 units might seem modest, but it's important to remember that Ferrari intentionally limits production to maintain exclusivity. The fact that revenue growth significantly outpaced volume growth indicates Ferrari's success in upselling and customization, a strategy that resonates well with their ultra-high-net-worth clientele.
The company's focus on personalization is particularly noteworthy. In the luxury automotive sector, bespoke options not only drive higher per-unit revenues but also enhance brand loyalty and exclusivity. Ferrari's success in this area suggests they're effectively leveraging their brand cachet to create additional value.
The mention of the new e-building and events dedicated to sustainable innovation signals Ferrari's commitment to electrification. This is a critical move for the company, as it must balance its heritage of high-performance internal combustion engines with the industry-wide shift towards electrification. Ferrari's approach to this transition will be important to watch, as it will need to maintain its performance credentials and emotional appeal while adapting to new powertrain technologies.
Lastly, Ferrari's victory at the 24 Hours of Le Mans underscores the company's racing pedigree, which remains a key differentiator in the luxury sports car market. This success on the track continues to bolster Ferrari's brand image and justifies its premium pricing in the consumer market.
Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) today announces its consolidated preliminary results(1) for the second quarter and six months ended June 30, 2024:
- Net revenues of
Euro 1,712 million , up16.2% versus prior year, with total shipments of 3,484 units up2.7% versus Q2 2023 - Adjusted EBIT of
Euro 511 million , up17.0% versus prior year, with adjusted EBIT margin of29.9% - Adjusted net profit of
Euro 413 million and adjusted diluted EPS atEuro 2.29 - Adjusted EBITDA of
Euro 669 million , up13.7% versus prior year, with adjusted EBITDA margin of39.1% - Industrial free cash flow generation of
Euro 121 million
“We are delighted to announce excellent financial results in the second quarter of 2024, which demonstrate again a strong execution and continued growth. Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalizations, which led us to upgrade our 2024 guidance” said Benedetto Vigna, CEO of Ferrari. “The quarter was also marked by the inauguration of our new e-building, during a week of events dedicated to sustainable innovation with our stakeholders, and the new victory at the 24 Hours of Le Mans”.
1 These results have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as endorsed by the European Union
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