Ferrari NV fell after investors took a dim view of revised guidance that brought the company’s outlook in line with expectations.
(Bloomberg) — Ferrari NV fell after investors took a dim view of revised guidance that brought the company’s outlook in line with expectations.
The Italian sports-car maker now sees adjusted earnings before interest, taxes, depreciation and amortization of as much as €2.22 billion ($2.44 billion) this year, it said Wednesday, up from as much as €2.18 billion announced in February.
Ferrari’s change in guidance was in line with analysts’ forecasts and “may come as a source of disappointment for some,” Bernstein analyst Daniel Roeska said in a note after the release. Shares fell as much as 4.6%, the most since June.
The company also reported second-quarter sales and operating profit that slightly beat analyst estimates.
Ferrari has been hiking the prices of some of its models with its wealthy customers less hindered by soaring inflation and rising interest rates. Last month, Porsche AG said its deliveries rose 15% in the first half of the year with SUVs accounting for more than half, while warning of persistent parts shortages that are weighing on sales of the electric Taycan.
But Ferrari isn’t the only luxury-car maker struggling to impress investors. BMW AG shares fell the most since May on Tuesday even as it slightly raised its full-year earnings forecast. The German carmaker warned of higher expenses for developing electric vehicles and said it was stocking up on parts in a difficult supply chain.
Ferrari plans to unveil its first fully electric car in the fourth quarter of 2025. Battery-only as well as plug-in hybrid models are slated to dominate the its portfolio in the second half of the decade with hybrid cars making up 43% of shipments during the second quarter.
During the second quarter, adjusted earnings before interest, taxes, depreciation and amortization rose to €589 million, out-pacing the average analyst estimate of €577 million. Revenue totaled €1.47 billion.
Ferrari also raised its full-year sales outlook to €5.8 billion from a previous guidance of about €5.7 billion.
Read more: Ferrari’s New Plant for Electric Supercars to Be Ready Next Year
(Updates with additional context in sixth paragraph.)
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