(Reuters) -Ferrari failed to excite investors on Wednesday with the luxury sports car maker only raising its forecasts for full-year revenue and core earnings by a modest amount, after better results in the second quarter.
The Italian company guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to grow to between 2.19 billion euros and 2.22 billion euros ($2.40 billion – $2.44 billion) this year, versus a previous forecast of between 2.13 billion and 2.18 billion euros.
The upgrade was supported in particular by better-than-expected results in personalisations, Chief Executive Benedetto Vigna said in a statement, as well as by a strong product mix.
Personalisations are the added touches that a customer requests to make the car more suited to their tastes.
Bernstein analyst Daniel Roeska said the guidance upgrade was merely in line with expectations.
“This may come as a source of disappointment for some,” he said in a note.
The forecast for the 2023 EBITDA margin remained unchanged at around 38%. The expected cash generation was also broadly unchanged, at around 900 million euros versus a previous guidance of up to 900 million euros.
Ferrari (NYSE:RACE) shares, which are up around 40% this year, erased small daily gains after the results were published. By 1145 GMT they were down 1.4%, among the worst performers within Italy’s blue-chip basket .
In the second quarter, adjusted EBITDA grew 32% to 589 million euros, in line with analysts’ expectations of 580 million euros, according to a Reuters poll.
Pricing power also contributed to the quarterly result “mainly reflecting the enrichment of the product mix”, sustained by the Daytona SP3, the 812 Competizione and the SF90 models.
“We continue to manage a very strong order book in all geographies,” Vigna said.
Car shipments, however, were slightly down in the quarter, in all regions except for the EMEA one. Hybrid deliveries accounted for 43% of total shipments, more than doubling the prior year figure, while in the quarter first deliveries started for Ferrari’s 12-cylinder Purosangue four-seater.
($1 = 0.9112 euros)
($1 = 0.9114 euros)
