Ferrari’s strong guide isn’t strong enough for investors

Ferrari N.V.’s (NYSE:RACE) strong results weren’t enough to stave off the disappointment in its outlook, which came in below expectations.

Shares dropped 1% on Wednesday.

The luxe sportscar maker forecast EPS for the full year at between €6.25 and €6.40 from a previous €6 to €6.20, but that wasn’t good enough to satisfy investors who expected an EPS forecast of €6.44.

For the second quarter, Ferrari (RACE) reported non-GAAP EPS of €1.83 and revenue of €1.47B. Total shipments of 3,392 units were flat versus Q2 2022, in line with plans for the year.

“The second quarter ended with exceptional financial results, highlighting strong margins. Deliveries reflected a rich product mix, while we continue to manage a very strong order book in all geographies,” Chief Executive Officer Benedetto Vigna said in a statement.

“The decision to revise the guidance upwards was supported in particular by stunning results in personalizations.”

Shipments for the quarter totaled 3,392 units dropped by 63 units versus the prior year with EMEA increasing by 17.3%, while the Americas dropped 17.5%. Mainland China, Hong Kong and Taiwan were in line with prior year with the rest of the APAC region dropping by 15.6%.

Ferrari (RACE) is up 49% in the past 12 months.

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