Ferrari Stock Races 6% In Premarket As Company Projects 2024 Earnings Growth
Portfolio Pulse from Benzinga Neuro
Ferrari NV (NYSE:RACE) has projected a significant increase in its revenue and core earnings for 2024, based on a strong order book and successful performance in 2023. The company expects its adjusted EBITDA to reach at least 2.45 billion euros in 2024, up from 2.28 billion euros in 2023. This announcement led to a 6% increase in Ferrari's stock in premarket trading. The company's long-term business plan targets an adjusted EBITDA of 2.5-2.7 billion euros for 2026. Ferrari's shares were trading around $369.96 to $370 in premarket. Speculations about Lewis Hamilton joining Scuderia Ferrari in 2025 are also making headlines.
February 01, 2024 | 1:28 pm
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Ferrari NV projects a significant increase in its 2024 earnings, with adjusted EBITDA expected to reach at least 2.45 billion euros, up from 2.28 billion euros in 2023. This positive outlook has led to a 6% increase in its stock in premarket trading.
The significant increase in projected earnings for 2024, based on a strong order book and successful performance in 2023, has positively impacted investor sentiment, leading to a 6% increase in Ferrari's stock in premarket trading. This projection surpasses analyst expectations and aligns with the positive guidance anticipated by investors, further boosting confidence in the company's future performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100