Ferrari Shares Rise Following Improved Quarterly Results

(RTTNews) - Shares of luxury sports carmaker Ferrari N.V. (RACE) are rising more than 10% Thursday morning after reporting upbeat fourth-quarter results.

Net profit for the fourth quarter increased to 294 million euros or 1.62 euros per share from 221 million euros or 1.21 euros per share in the prior-year quarter.

Net revenues for the quarter grew 11 percent to 1.52 billion euros from 1.37 billion euros in the same quarter last year.

For fiscal 2024, Ferrari now projects adjusted earnings of about or greater than 7.50 euros per share on net revenues of more than 6.4 billion euros. This compares with 2023 adjusted earnings of 6.90 euros per share and revenue of 5.97 billion euros.

RACE, currently at $382.32, has traded in the range of $252.17 - $383.64 in the last 52 weeks.