Ferrari (RACE) shares are charging higher today after the Italian luxury automaker reported Q4 sales results that topped expectations and that it sees momentum continuing in 2024. The Maranello-based automaker is also rumored to have signed Formula 1 seven-time champion Lewis Hamilton to its racing team, giving Ferrari fans (and some investors) even more reason to cheer.
For the quarter, Ferrari reported revenue of 1.52 billion euros ($1.65 billion), topping estimates of 1.50 billion euros ($1.63 billion), as compiled by Bloomberg. Ferrari said its sales jumped 11% from a year ago. On the profitability front, Ferrari reported adjusted EBITDA of 558 million euros ($606 million), slightly missing estimates of 560 million euros ($608.2 million). For the year, Ferrari’s net profit surged 34%, topping 1 billion euros for the first time, to a record 1.257 billion euros ($1.3…
