Key Takeaways:
- Reports Q1 earnings of €2.33 per share, beating the €2.31 consensus.
- Vehicle shipments fell to 3,436 units, missing estimates amid Middle East disruptions.
- Reaffirms full-year 2026 guidance and confirms EV launch in three weeks.
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Ferrari Stock Slips 1% Despite Q1 Earnings Beat and Strong Outlook
Ferrari NV (RACE) reported first-quarter earnings that surpassed analyst estimates, but shares fell after a slight miss on vehicle deliveries and ongoing geopolitical concerns in the Middle East.
"With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance," Chief Executive Benedetto Vigna said, highlighting strong demand for personalization that is lifting profitability.
The Italian luxury carmaker posted a 3% rise in revenue to €1.85 billion, ahead of the €1.83 billion consensus. Adjusted earnings of €2.33 per share also topped expectations. However, quarterly shipments of 3,436 cars missed the 3,473-unit forecast, a dip the company attributed to both strategic model transitions and regional shipment disruptions.
Shares slipped about 1% in Milan trading as investors weighed the delivery miss against the strong financial results. The report comes just 20 days before the highly anticipated premiere of the Ferrari Luce, the company’s first all-electric vehicle, a key moment for its future strategy.
Ferrari said it offset the impact of the conflict in Iran by reallocating vehicle deliveries to other regions. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 4% to €722 million, supported by a richer product mix, including higher-margin models like the Purosangue SUV and the 12Cilindri.
Demand for bespoke personalizations also contributed to a higher EBITDA margin of 39.1%. While shipments of top-end models increased, deliveries for the 296 and Roma Spider models declined, consistent with their product lifecycles.
The company maintained its full-year 2026 guidance, projecting revenues of approximately €7.5 billion and adjusted earnings per share of €9.45. The strong guidance is supported by a robust order book that now extends into 2027.
The reaffirmed guidance and strong order book signal management's confidence in overcoming short-term delivery hurdles. Investors will now focus on the upcoming launch of the all-electric Luce, which will be a critical test of the brand's ability to transition into the EV market.
This article is for informational purposes only and does not constitute investment advice.
[1] Ferrari Stock Falls After Earnings Beat as Iran Conflict Weighs on Deliveries - Barron's[2] Ferrari (RACE) Stock Dips Despite Strong Q1 Results Amid Middle East Disruptions[3] Ferrari sees 4% earnings growth in Q1 as premium demand lifts sales[4] Ferrari tops Wall Street's first-quarter expectations ahead of EV debut[5] Ferrari tops Q1 forecasts, holds 2026 guidance despite risks
