Ferrari, the renowned Italian sports-car maker, has announced impressive financial results for the second quarter, leading to an upward revision of its targets for the year. The company's adjusted net profit surged to €334 million ($366.8 million) from €251 million during the same period last year.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also witnessed significant growth, reaching €589 million compared to €446 million year-on-year. Furthermore, adjusted earnings before interest and taxes (EBIT) rose to €437 million, up from €323 million.

One of the key factors contributing to Ferrari's success is its diverse product mix and a strong order book across all regions. The company also attributed its positive performance to remarkable income generated from vehicle customization.

In terms of revenue, Ferrari experienced a 14% increase to reach €1.47 billion. However, vehicle shipments witnessed a slight decline of 2%, totaling 3,392 units.

Buoyed by these exceptional results, Ferrari has raised its outlook for the coming years. The company now expects revenue growth of around 5.8% for 2023, up from the previous estimate of 5.7%. Adjusted EBITDA is projected to fall between €2.19 billion and €2.22 billion, exceeding the initial target range of €2.13 billion to €2.18 billion. Similarly, adjusted EBIT is anticipated to range between €1.51 billion and €1.54 billion instead of €1.45 billion to €1.50 billion previously planned. Moreover, Ferrari aims to achieve an adjusted EBIT margin above 26%, surpassing the previously projected margin of around 26%.

These promising developments are a testament to Ferrari's continued commitment to excellence and innovation in the automotive industry.

For more information, contact David Sachs.

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