Luxury carmaker Ferrari on Tuesday reported a significant upswing in full-year net profit, citing a strong product mix and growing demand for personal touches to its vehicles.
Ferrari posted net profit of 1.53 billion euros ($1.58 billion) for the full-year 2024 period, reflecting a 21% increase from the previous year.
Other earnings highlights:
- Full-year net revenues came in at 6.7 billion euros, up nearly 12% year-on-year.
- Full-year earnings before interest, tax, depreciation and amortization (EBITDA) came in at 2.56 billion euros, up from 2.28 billion euros in the year prior.
Milan-listed shares of the company rose 3.4% on the news, reversing earlier losses. U.S.-listed shares, meanwhile, were last seen 3% higher.
Ferrari said it expected net revenues to increase by roughly 5% to more than 7 billion euros in 2025, having met its targets in 2024. The Italian company also forecast its core earnings — the adjusted earnings before interest, depreciation and amortization — will grow by at least 5% this year.
“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 personalizations,” Ferrari CEO Benedetto Vigna said in a statement accompanying the results.
“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 added.
Analysts said late last year that they expect Ferrari to be something of an exception among Europe’s automotive sector, even as many carmakers come under pressure from U.S. tariffs.
Ferrari, which exclusively produces its cars in Italy, is thought to be well placed to pass on any increase in prices, should U.S. President Donald Trump materialize his pledge to introduce higher tariffs on the European Union.