Ferrari Earnings: Crosses 2023 Finish Line With Another Record, 2024 Guide Looks to Top 2023

Wide-moat-rated Ferrari posted fourth-quarter diluted earnings per share of EUR 1.62, beating the EUR 1.48 FactSet consensus by EUR 0.14 and up EUR 0.41 from the prior year. Fourth-quarter record consolidated revenue of EUR 1.523 billion increased 11%, as cars and spare parts revenue rose 11%, while sponsorship, commercial, brand, and other revenue increased 22%. Engine revenue increased 7% as final shipments to Maserati were made on contract expiration at year-end. The strength of Ferrari’s wide moat and pricing power was on display as the 11% revenue increase substantially outpaced the 2% decline in volume. Excluding foreign currency translation, revenue improved 12% over the prior year.