The Ferrari F50 at Salon Prive London, held at the Royal Chelsea Hospital.
Martyn Lucy | Getty Images News | Getty Images
Luxury carmaker Ferrari on Tuesday reported a significant upswing in full-year net profit, citing a strong product mix and growing demand for personalization.
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 4.7% on the news, reversing earlier losses. U.S.-listed shares, meanwhile, were last seen 3.3% higher.
Ferrari said it expected net revenues to increase by roughly 5% to more than 7 billion euros in 2025, up from 6.7 billion euros in 2024.
“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.
This is breaking news. Please refresh for updates.
I am a passionate digital marketer, content writer, and blogger. With years of experience in crafting compelling content and driving digital strategies. I’m always exploring new trends, optimizing strategies, and creating content that resonates with audiences. When I’m not working, you’ll find me diving into the latest digital marketing insights or experimenting with new blogging ideas.