Ferrari (NYSE:RACE) zoomed past analyst expectations for its second quarter earnings, but the Italian luxury automaker’s stock took a hit as investors opted to take advantage of its strong share price performance this year.
For the quarter, Ferrari (NYSE:RACE) reported an adjusted EBITDA of 589 million euros ($645.4 million), exceeding analyst estimates and marking a 31.9% increase from the previous year. Revenue for the quarter was 1.47 billion euros ($1.61 billion), up 14.1% from the same period last year, with 3,392 vehicles sold.
The company reported a strong outlook with full-year adjusted EBITDA projected to reach 2.19-2.22 billion euros ($2.40-$2.43 billion), up from prior guidance of 2.13-2.18 billion euros. Full-year revenue forecasts were also slightly increased to 5.8 billion euros ($6.36 billion).
Despite the encouraging numbers, US-listed shares of Ferrari dipped nearly 0.8% as investors opted to take profits due to the company's astounding 46% surge in share prices this year.
One bright spot was Ferrari's newly introduced Purosangue SUV, its first-ever four-door, four-seat vehicle, which saw robust demand following its late 2022 launch. The company aims to unveil four new vehicles in 2023 and reiterated its commitment to releasing its first full electric vehicle in 2025, with EVs and hybrids projected to dominate sales in the latter half of the decade.
Contact Angela at angela@proactiveinvestors.com
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