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The famous Prancing Horse Ferrari logo on a 1990 Ferrari F40
DANIEL LEAL-OLIVAS/AFP/Getty Images
Ferrari beat earnings expectations in the second quarter and hiked its full-year guidance as demand for its luxury cars remained robust.
But investors were probably hoping for a bigger guidance raise, as the U.S.-listed shares fell 0.9% on Wednesday.
Ferrari
(ticker: RACE) reported adjusted earnings per share of 1.83 euros ($2.01) on revenue of €1.47 billion ($1.61 billion). Analysts were expecting earnings of €1.73 a share on sales of €1.48 billion.
The Italian luxury car maker now sees adjusted full-year earnings of between €6.25 and €6.40 a share, up from a previous range of €6 to €6.20. However, that’s only just about in line with the analysts’ consensus of €6.34.
Bernstein analyst Daniel Roeska said the guidance hike raised matched its consensus, adding: “This may come as a source of disappointment for some.” He has a Market Perform rating on the stock.
CEO Benedetto Vigna said the upgrade was particularly down to “stunning results” in its personalizations segment, a program that allows consumers to customize their car.
The U.S.-listed shares have climbed 46% so far in 2023.
Write to Callum Keown at [email protected]
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