With income by vertiginous vehicle, Ferrari still enchants the scholarship

(BFM Stock Exchange) – The luxury car manufacturer has delivered results clearly higher than expectations in the fourth quarter, with a turnover per automobile sold of 443,000 euros. The prospects for the current year are, as usual, very cautious.
The debate will probably never be decided. Should Ferrari be considered as a luxury group or a car manufacturer on the stock market? Jefferies, for example, brings Maranello’s society closer to a Hermès or a Brunello Cucinelli.
The very essence of the company with a prancing horse remains to sell cars while its economic model which consists in maintaining the desirability of its brand and thus sparing volumes pleads to integrate it into the world of luxury.
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442,700 euros per vehicle
In one case as in the other, a point remains invariant: Ferrari climbs on the stock market. After progressing by 25.5% in 2024, the only increase in the automobile with Renault, the manufacturer with a prancing horse has been 10% since the beginning of 2025.
Above all, Ferrari wins 7% this Tuesday, February 4 on the Milan Stock Exchange, after having delivered his fourth quarter results, which exceeded expectations all over the line.
Except, of course, on deliveries, at 3,325 units in the last quarter of 2024, 65 less than expected by consensus, according to Bernstein.
Revenues increased by 14% to 1.74 billion euros, 5% more than consensus (1.65 billion euros).
Bernstein underlines an impressive figure: income per model sold, which was established at 442,700 euros (6% above the consensus), an absolute record for the brand with a prancing horse.
The design office notes that this result is explained by the increase in deliveries of the SF90 XX family, a supercar “whose price is 80% higher than that of the series range”, as well as by the first deliveries from 12cilindri.
The company also continued to take advantage of the rise in “customization” activities, better marked. These activities consist in simplifying to offer custom vehicles to its customers according to their tastes and requirements.
Investor day in October
In addition, the operating profit increased by 26% to 468 million euros for a corresponding margin of 27%, while the profit per share increased by 31% to 2.14 euros. Analysts awaited an operating margin of 26% and a profit per share at 1.79 euros.
Over the 2024, Ferrari delivered 13,752 vehicles, up 1%, for a net profit which increased from 21% to 1.526 million euros.
“The quality of income rather than volumes: I think that is what best explains our exceptional financial results in 2024, thanks to a solid mix of products and a growing demand for personalization,” said the director general of Ferrari, Benedetto Vigna, quoted in a press release.
Regarding his prospects, Ferrari said Table for 2025 on income of more than 7 billion euros, an operating profit of more than 2.03 billion euros and a profit per share of 8.60 euros. These targets are lower than expectations, consensus located at 7.11 billion euros for income and 2.05 billion for operating profit.
But as usual with Ferrari, society leaves mages of maneuver with its prospects. Royal Bank of Canada notes that the group should still greatly achieve these objectives and that investors are probably aware of this.
Ferrari also indicated that he would hold a day dedicated to investors on October 9, in Maranello.
Julien Marion – © 2025 BFM Bourse