Ferrari Concludes Record Year, Surpassing Wall Street Expectations

Luxury Automaker Achieves Unprecedented Earnings and Forecasts Strong Growth for 2024


Ferrari, the iconic luxury sports car manufacturer, has capped off a historic year by exceeding Wall Street’s expectations for both its top and bottom-line earnings in the fourth quarter. The company reported a net profit of 1.26 billion euros (approximately $1.36 billion) for the entirety of 2023, with an additional 294 million euros (about $317.9 million) recorded in the fourth quarter alone. These figures represent annual records for Ferrari.

The adjusted earnings before interest and taxes (EBIT) for the year reached 1.62 billion euros ($1.75 billion), including 372 million euros ($402.3 million) in the fourth quarter. The automaker’s total revenue for 2023 surged by 17% to 5.97 billion euros ($6.46 billion), with a remarkable 11% increase in the fourth quarter compared to the same period in 2022.

Despite the exceptional performance in 2023, Ferrari is already setting ambitious targets for 2024. The company forecasts revenue to exceed 6.4 billion euros ($6.9 billion) and aims for an adjusted per share profit of at least 7.50 euros, maintaining an adjusted EBIT margin of at least 38%. While adjusted profit margins are anticipated to be in line with or slightly lower than 2023, the company remains confident in its outlook for the future.


Ferrari’s shares soared to a new 52-week high, reaching nearly $390 a share on the New York Stock Exchange, marking an impressive 12% increase. This surge follows the company’s previous 52-week high of $372.42 in December.

In the fourth quarter, Ferrari outperformed average estimates compiled by LSEG (formerly known as Refinitiv), reporting adjusted earnings per share of 1.62 euros versus the expected 1.50 euros and revenue of 1.523 billion euros compared to the estimated 1.506 billion euros.

Ferrari’s global shipments rose by 3% in 2023, reaching 13,663 vehicles, including 3,245 units in the fourth quarter. The company’s CEO, Benedetto Vigna, expressed confidence in the future, stating, “The record 2023 results, the ambitions that we have on 2024, together with the exceptional visibility on our order book allow us to look at the high-end of 2026 targets with stronger confidence.”

In a surprising development, Formula 1 star Lewis Hamilton is rumored to be on the verge of joining the Ferrari racing team for the 2025 season, making a potential move from Mercedes. This news adds another layer of excitement and anticipation for Ferrari enthusiasts worldwide.