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Ferrari Raises Full-Year Guidance Despite Q2 Miss, CEO Defends EV Orders
Ferrari NV (NYSE: RACE) CEO Benedetto Vigna on Thursday defended the customer reception of the company's first all-electric vehicle, stating that orders are "in line with expectations" two months after its launch. The statement came as the luxury automaker reported second-quarter results that fell short of analyst estimates but simultaneously raised its financial outlook for the full year.
EV Launch and Q2 Performance
Speaking to reporters during the Q2 results presentation, Vigna addressed the performance of the €550,000 ($631,000) Luce, Ferrari's first fully electric model. He noted that the order book for the four-door saloon is progressing as planned, attracting both new and existing clients, which he said aligns with the company's strategy. "When clients see the car, they're really enthusiastic and happy," Vigna said, pushing back against suggestions that the company was using aggressive sales tactics following some negative reviews at the model's debut in May.
Despite the positive commentary on its EV transition, Ferrari's financial results for the second quarter missed market consensus:
- Adjusted EPS: €2.62, below the analyst consensus of €2.85.
- Net Revenues: €1.94 billion, short of the €2.15 billion estimate, though it represented an 8% increase year-over-year from €1.79 billion.
Raised Full-Year Guidance
AdDespite the quarterly miss, Ferrari's management signaled confidence in its future performance by raising its full-year guidance. The company now projects stronger results across several key metrics, providing a forward-looking positive signal to investors.
The updated 2026 outlook includes:
- Full-year revenue: Raised to approximately €7.60 billion from a previous forecast of €7.50 billion.
- Adjusted diluted EPS: Increased to at least €9.68 from at least €9.45.
- Industrial free cash flow: Lifted to at least €1.55 billion from €1.50 billion.
- Adjusted EBITDA: Targeted at a minimum of €2.97 billion, up from €2.93 billion.
Market Impact
The mixed report appeared to weigh on investor sentiment in the short term. Following the announcement, Ferrari shares were trading down approximately 1% in New York. The share price movement reflects the immediate focus on the Q2 earnings miss, even as the upgraded guidance suggests a stronger performance for the remainder of the year.
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