Ferrari Reports Strong Q3 2024 Results, EPS €2.08, EBITDA €638M

Nov 5, 2024, 12:03 PM

Ferrari has reported strong financial results for the third quarter of 2024, defying the broader luxury auto market slump. The company posted an adjusted EBITDA of €638 million, surpassing the estimated €633.8 million, and an adjusted diluted EPS of €2.08, exceeding the forecasted €2.03. Revenue for the quarter stood at €1.64 billion, in line with expectations and up 6.5% year-over-year. Ferrari's CEO, Benedetto Vigna, attributed the growth to a strong product mix and increased personalization options. Despite a 2% decline in overall shipments, the company saw positive growth in the EMEA and APAC regions, with shipments up 2% and 6% respectively, while shipments in Greater China dropped by 29%. The company also reported a 24% increase in industrial free cash flow, reaching €364 million. Additionally, EBIT rose by 10% and margins improved to 28.4%. Ferrari remains confident in its full-year guidance, projecting net sales to exceed €6.55 billion.