Yacht maker Ferretti cuts full-year guidance pending confirmation of US orders

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November 13, 2024 7:32 AM EST

FILE PHOTO: An employee works on a yacht at the Ferretti's shipyard in Sarnico, northern Italy, April 7, 2015. Picture taken on April 7, 2015. REUTERS/Stefano Rellandini/File Photo

(Reuters) - Italian luxury yacht maker Ferretti on Wednesday reduced its full-year guidance for adjusted core profit (EBITDA) and revenue pending confirmation of U.S. orders for yachts in its "composite" segment.

"Composite" yachts are the smallest of Ferretti's three business lines, being up to 30 metres (100 feet) in length, with composite hulls made of fibreglass or carbon fibre.

Ferretti now forecasts adjusted EBITDA in a range between 185 million and 190 million euros ($196.45 to $201.76 million) from its previous guidance of 195 million euros to 200 million euros.

The firm also reduced its 2024 forecast for net revenue from new yachts to between 1.16 billion euros and 1.18 billion euros from a previous range of 1.22 to 1.24 billion euros.

In the "mid-term," it said it expects an adjusted EBITDA margin above 18.5% and confirmed its 16% to 16.1% target for 2024, along with 10% CAGR organic growth in net revenue with "further upside from M&A".

Ferretti said nine-month adjusted core profit rose 10.7% year-on-year to 138.2 million euros, while its January to September net revenue from new yacht sales totalled 865.3 million euros.

($1 = 0.9417 euros)

(Reporting by Romolo Tosiani; Editing by Sharon Singleton)


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