(RTTNews) – Shares of luxury sports manufacturer Ferrari N. V. (RACE) rose more than 10% on Thursday morning after reporting upbeat fourth-quarter results.
Net source of revenue for the fourth quarter increased to €294 million or €1. 62, consistent with a consistent percentage from €221 million or €1. 21, consistent with a consistent percentage in the prior-year quarter.
Net sales for the quarter rose 11% to €1. 52 billion from €1. 37 billion in the year-ago quarter.
For fiscal 2024, Ferrari now expects adjusted profits of around or more than €7. 50, corresponding to a sales share of more than €6. 4 billion. This compares with adjusted profit of €6. 90 and sales of €5. 97 billion in 2023.
RACE, which is trading at $382. 32 lately, has traded between $2. 17 and $383. 64 for the past few weeks.