Ferrari raises 2026 guidance after Q3 earnings beat

Workers on the production line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024. 

Francesca Volpi | Bloomberg | Getty Images

Ferrari on Tuesday raised its 2026 guidance after the sports car maker slightly beat Wall Street's third-quarter expectations.

Here's how Ferrari performed in the third quarter compared with average estimates compiled by LSEG:

• Earnings per share: 2.44 euros ($2.77) adjusted vs. 2.37 euros expected
• Revenue: 1.9 billion euros vs. 1.89 billion euros expected

Ferrari raised its guidance to revenue of 7.65 billion euros, up from 7.6 billion euros; adjusted earnings before interest, taxes, depreciation and amortization to 3 billion euros, up from 2.97 billion euros; and adjusted EPS to at least 9.85 euros, up from at least 9.68 euros.

The automaker also upgraded its expectations for industrial free cash flow to up to 1.65 billion euros, up from previous expectations for at least 1.55 billion euros.

This is the second consecutive quarter Ferrari has raised its 2026 guidance, despite vehicle shipments being lower by 318 units through the first nine months of the year, at 10,170 vehicles, compared with last year. The decline is led by fewer shipments to the Americas and China, Hong Kong and Taiwan.

Ferrari said Tuesday that the guidance improvements were a result of stronger-than-expected customer personalizations, lower than anticipated currency headwinds and a second place finish in the Formula 1 championship.

"Our order book now reaches into 2028, and we still have two more launches to come this year. In addition, we continue to create engaging events around the world to further tighten the bonds with our clients and partners across Racing, Sports Cars and Lifestyle," Ferrari CEO Benedetto Vigna said in a release.

RBC Capital Markets analyst Tom Narayan said Tuesday that Ferrari's results were largely in line with Wall Street expectations. However, he said shares may be under "under slight pressure given some were hoping for a bigger guidance raise, but expect it to get better once folks realize these results are healthy."

Ferrari's U.S. shares initially declined on the results before turning positive and were up roughly 2% during premarket trading.