The company has released its financial results for 2Q 2024, confirming the continued growth of Ferrari N.V. (NYSE-RACE), as the company posted a 16.2% year-over-year increase in total sales to $1.712 billion. Operating profit rose 13.7% to $669 million. After all expenses, net income was $413 million. Deliveries of Ferrari-branded vehicles totaled 3,484 units in Q2 2024, up 2.7% from the previous year. Demand in the Americas rose by 112 cars, while demand in China, Hong Kong and Taiwan fell by 61 cars. In other countries, there was an increase of 24 cars for the second quarter. Ferrari is also strengthening its support department as limited edition models see a rise in demand. Ferrari NV raised its full-year outlook thanks to higher demand in the sector for limited-edition cars such as the $2.2 million Daytona SP3. The supercar maker has now revised its full-year 2024 profit outlook to €2.5 billion ($2.7 billion), up from its previous estimate of around €2.45 billion.
Ferrari N.V. (NYSE-RACE) also regularly pays an annual dividend to its shareholders. The dividend yield is currently 0.57% p.a. and the actual dividend amount has been approved by the company’s general meeting of shareholders at EUR 2.6011 per share. The title is currently in high demand by private investors and multinational investment corporations to buy shares of Ferrari N.V. (NYSE-RACE). According to fifteen Wall Street brokerage firm analysts and investment bank financial strategists, an increase in the share price can be expected for the short to medium term investment horizon. The average target price for the stock with a high estimate was set at $519.71 per share.
