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Ferrari NV increased 1.3% to $321.69 after the maker of luxury sports cars lifted its annual outlook and reported better-than-expected quarterly earnings.

Net revenue in the second quarter increased 14% to Є1.4 billion and vehicle shipments declined 2% to 3,392 compared to 3,455 a year ago.

Adjusted net profit increased 33% to Є334 million from Є251 million and adjusted diluted earnings per share increased 35% to Є1.83 from Є1.36 a year ago.

Vehicle shipments in the Europe, Middle East and Africa region jumped 17% to 1,638, in North America declined 17% to 869, in the Greater China region dropped 5% to 339 and the rest of Asia fell 16% to 546.

Ferrari revised 2023 revenue forecast to Є5.8 billion from the previous estimate of Є5.7 billion and higher than Є5.6 billion in 2022.

The vehicle maker also revised higher diluted adjusted earnings per share range between Є6.25 and Є6.40 from the previous range between Є6.0 and Є6.20 compared to Є5.09 in 2022.

02 Aug, 2023

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