Ferrari N.V. (NYSE:RACE) reported second-quarter results that came in below Wall Street expectations, but investors welcomed the company’s improved full-year outlook, sending the luxury automaker’s shares about 5% higher in premarket trading.
The upgraded guidance was supported by continued strength in Ferrari’s personalization business, which helped offset the softer-than-expected quarterly figures.
Revenue Grows as Company Lifts Full-Year Forecast
For the quarter ended June 30, Ferrari reported adjusted earnings of €2.62 per share, below analysts’ consensus estimate of €2.85.
Net revenue increased 8% year over year to €1.94 billion from €1.79 billion, although it fell short of the market expectation of €2.15 billion.
Looking ahead, Ferrari raised its full-year 2026 revenue forecast to approximately €7.60 billion, up from its previous guidance of €7.50 billion.
The company also increased its adjusted diluted earnings per share outlook to at least €9.68, compared with its prior forecast of at least €9.45.
In addition, Ferrari lifted its industrial free cash flow target to at least €1.55 billion from €1.50 billion and raised its adjusted EBITDA guidance to at least €2.97 billion from €2.93 billion. The company expects its adjusted EBITDA margin to reach at least 39.0%.
Personalization Demand Supports Profitability
“The robust results achieved in the second quarter reflect our disciplined execution and the continued strength of our strategy,” said Benedetto Vigna, CEO of Ferrari. “A sustained trend in personalizations allows us to raise the guidance for the year.”
Operating profit rose 10% from the prior year to €605 million, resulting in an operating margin of 31.2%.
According to the company, the improvement was driven by a favorable product mix, growing demand for personalization options and contributions from its racing activities.
Net profit also increased, climbing 9% year over year to €463 million.
Order Book Extends Through 2027
Ferrari delivered 3,366 vehicles during the second quarter as planned model transitions continued.
Shipments increased for the 12Cilindri, 12Cilindri Spider, Purosangue and the 296 Speciale family, while deliveries of the 296 GTS, Roma Spider and SF90 XX family declined as those models progressed through their planned phase-out.
The company said its order book now extends through the end of 2027.