Ferrari's Strong 4Q Results Fuel Continued Growth

Ferrari exceeded Wall Street's expectations with a record-breaking year, reporting a net profit of 1.26 billion euros for 2023, including 294 million euros in the fourth quarter, and a 17% increase in revenue to 5.97 billion euros. The company forecasts even stronger results for 2024, with expectations of revenue surpassing 6.4 billion euros and adjusted per share profit of at least 7.50 euros. Additionally, Ferrari CEO Benedetto Vigna expressed confidence in the company's business plan and 2026 targets. Separately, there are reports of Formula 1 star Lewis Hamilton potentially moving from Mercedes to Ferrari for the 2025 season.