Ferrari lifted full-year guidance slightly as it continues to see strong demand for car customizations, while it ramped up deliveries of new models in the second quarter.
The Italian luxury sports-car maker said Thursday it now expects revenue of around 7.6 billion euros ($8.72 billion) this year, up from a previous estimate of around 7.5 billion euros, with adjusted earnings before interest and taxes of at least 2.26 billion euros, up from at least 2.22 billion euros previously.
Stronger personalizations than expected and lower currency heaedwinds are behind the upgrade, with Ferrari noting that the guidance is based on its current visibility on the effects of the Middle East crisis.
Its margin targets were maintained.
"Today we have the most complete line-up in Ferrari history and we continue to experience healthy demand, with an order book that entirely covers 2027," Chief Executive Benedetto Vigna said.
It shipped 3,366 vehicles to customers in the quarter, 128 fewer than a year earlier, as it continued to work through its model changeover plans. A FactSet poll had expected deliveries of 3,407 cars.
Deliveries of its 12Cilindri family of cars, the Purosangue, the 296 Speciale family and F80 increased in the quarter, while Amalfi and 849 Testarossa deliveries continued to ramp up. At the same time, deliveries of the 296 GTS, Roma Spider and SF90 XX family decreased as they begin to be phased out.
While it has previously announced it will scale back its electric-vehicle ambitions to focus on a greater share of combustion-engine models in the coming years, Ferrari premiered the Luce during the quarter, its first fully-electric car. The Luce launched in May and received a cold initial reception, with shares falling over 8% on the day.
In Ferrari's largest regional market--Europe, the Middle East and Africa--shipments rose 13% in the quarter on year. Shipments fell in all of its other regions, including a 21% drop in the Americas, a 32% fall in mainland China, Hong Kong and Taiwan, and a 7.4% decline in the rest of the Asia-Pacific.
It reported earnings before interest and taxes of 605 million euros in the second quarter, up from 552 million euros in the same quarter last year and resulting in a margin of 31.2%, thanks mainly to the higher personalizations and deliveries of the more profitable F80.
Revenue rose 8.4% to 1.94 billion euros.
A FactSet analyst poll had forecast EBIT of 576 million euros on revenue of 1.87 billion euros.