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Ferrari N.V. (NYSE:RACE) shares are trading higher Thursday after the company posted better-than-expected second-quarter financial results.
The Details:
Ferrari reported earnings of $2.47 per share on quarterly revenue of $1.84 billion, beating estimates on both the top and bottom line.
The company said second-quarter shipments increased 2.7% year-over-year to 3,484 units. The Ferrari Purosangue, the Roma Spider and the 296 GTS drove deliveries in the quarter. Ferrari's product portfolio consisted of eight internal combustion engine (ICE) models and four hybrid engine models, which represented 52% and 48% of total shipments, respectively.
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"We are delighted to announce excellent financial results in the second quarter of 2024, which demonstrate again a strong execution and continued growth. Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalizations, which led us to upgrade our 2024 guidance” said Benedetto Vigna, CEO of Ferrari.
Outlook:
Ferrari raised its 2024 revenue and earnings guidance based on positive product and country mix, along with stronger vehicle personalizations and new sponsorships.
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Ferrari have increased by 32.69% in the past year. An investor who bought shares of Ferrari at the beginning of the year would make a profit of $95.32 per share if they sold it today. The stock has risen 2.44% over the past month, meaning an investor who bought shares on July 1 would see a capital gain of $18.66.
Ferrari shares have an all-time high of $439.59, representing 1.51% upside from current levels.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Ferrari stock currently has an RSI of 43.38, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
RACE Price Action: According to Benzinga Pro, Ferrari shares are up 2.04% at $421.44 at the time of publication Thursday.
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Image: Courtesy of Ferrari N.V.
Posted In: RACE