Ferrari earnings estimates beat, steerage soars. Why is the arrow reversed?

The long-lasting Ferrari Prancing Horse brand on the 1990 Ferrari F40

Daniel Leal-Olivas/AFP/Getty Photos

Ferrari beat revenue forecasts within the second quarter and raised steerage for the total 12 months as demand for its luxurious automobiles remained robust.

However traders had been seemingly hoping for extra steerage, as listed US shares fell 2% in pre-market buying and selling.

Ferrari (Ticker: RACE) reported adjusted earnings per share (EPS) of €1.83 ($2.01) on income of €1.47 billion ($1.61 billion). Analysts had anticipated earnings per share of 1.73 euros on gross sales of 1.48 billion euros.

The Italian luxurious automaker now sees full-year adjusted earnings of between €6.25 and €6.40 per share, up from the earlier vary of €6 to €6.20. Nonetheless, that is solely in step with the analyst consensus of €6.34.

The rise in steerage is per its consensus, Bernstein analyst Daniel Ruska stated, including, “This can be a supply of disappointment for some.” It has a market efficiency ranking for the inventory.

CEO Benedetto Vigna stated the improve is especially as a result of “unimaginable outcomes” within the personalization division, a program that enables shoppers to personalize their automobiles.

Listed US shares are up 48% thus far in 2023, as of Tuesday’s shut.

Write to Callum Keown at callum.keown@barrons.com

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