Summary by Moomoo AI
Ferrari delivered strong Q3 2024 results with net revenues rising 6.5% to €1.64B and net profit increasing 13% to €375M. Operating profit grew 10.3% to €467M with an improved EBIT margin of 28.4%. Car shipments totaled 3,383 units, with hybrid models accounting for 55% of deliveries.The company saw robust performance across key markets, with Americas revenue up €55M and EMEA up €38M, partially offset by a €32M decline in Mainland China. Sponsorship and brand revenue increased 20.4% to €174M driven by new partnerships. The company maintained strong pricing power through richer product mix and higher personalizations.Based on the strong performance, Ferrari raised its 2024 guidance, now expecting net revenues above €6.55B and adjusted EBIT margin of at least 27.5%. The company continues to invest heavily in product development and infrastructure, including a new e-building for hybrid and electric vehicle production starting in 2025.
