By Sam Boughedda
Ferrari N.V (NYSE:RACE) US-listed shares are down just under 1% Tuesday after reporting an earnings and revenue beat.
The Italian luxury sports car manufacturer reported second-quarter earnings of 1.36 euros per share, 0.07 euros better than the analyst estimate of 1.29 euros. Revenue for the quarter came in at 1.29 billion euros versus the consensus estimate of 1.24 billion euros.
Ferrari's total shipments during the second quarter were 3,455 units, up 28.7% versus the same period last year.
Due to the company's lower production volumes, Ferrari has been somewhat shielded from supply chain issues that have impacted the rest of the auto industry. Moreover, Ferrari has benefitted from its wealthy customer base, with demand for luxury goods unaffected by soaring inflation.
“Ferrari continues a phase of strong growth, with quarterly record results in terms of revenues, EBITDA and EBIT. The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics. Also the net order intake reached a new record level in the quarter,” – commented Benedetto Vigna, Chief Executive Officer of Ferrari.
Ferrari boosted its full-year guidance, now forecasting revenue of approximately 4.9 billion euros, up from the previous guidance of 4.8 billion euros.