By Dominic Chopping

Ferrari is scheduled to report results for the first quarter on Tuesday. Here is what you need to know.

REVENUE: The Italian sports-car maker is expected to post sales of 1.77 billion euros ($2 billion), up from 1.59 billion euros in the first quarter of last year, according to a FactSet poll.

EBIT FORECAST: Earnings before interest and taxes is expected at 533 million euros, up from 442 million euros a year prior, according to FactSet.

Shares have fallen 0.9% since the start of the year to 408.90 euros.

WHAT TO WATCH

--Ferrari's first-quarter profitability should benefit from a solid mix--from the ramp up of the 12Cilindri and SF90XX models--and slight volume growth. This should be partially offset by higher costs, Stifel analyst Daniel Schwarz wrote.

--The company has indicated that volumes in the quarter should increase in line with 2025 guidance of low-single-digit growth, but analysts at HSBC said they expect flat volumes on the year versus consensus looking for 1% growth.

--Ferrari had a pre-earnings call with analysts, which was dominated by talk about tariffs, HSBC says. "Price hikes are on retail levels, whereas tariffs are based on imported value, so more modest price increases broadly cover the margin hit, though Ferrari flagged a 50 basis point risk [to profitability]," the bank noted.

--To counter tariffs, Ferrari has previously said that prices for its 296, Roma and SF90 are unchanged, while prices for the remaining models might be increased by up to 10%. It said there was no push to ship cars into the U.S. before tariffs applied, according to Stifel.

--"We look for a strong adjusted EBIT margin of 29.3% and solid free cash flow," Deutsche Bank analyst Nicolai Kempf said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 05, 2025 07:10 ET (11:10 GMT)

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