By George Glover
Ferrari beat Wall Street's profit and sales targets on Tuesday -- but it looks like investors wanted perfection. Shares in the Italian supercar maker were sliding ahead of the open.
The Prancing Horse reported adjusted first-quarter earnings of 2 euros and 30 cents ($2.60) a share, as revenue rose 13% from a year ago to EUR1.79 billion ($2.03 billion). Analysts were expecting earnings of $2.51 a share on revenue of $1.97 billion, according to a FactSet poll.
Ferrari sold 3,593 cars over the quarter, up 1% from a year ago, as an 8% jump in sales in Europe, the Middle East, and Africa offset a 25% slump in mainland China, Hong Kong and Taiwan.
The company stuck by its current guidance, which forecasts full-year adjusted earnings of EUR8.60 ($9.74) a share or more. The market may have been hoping for a hike, given that analysts were expecting full-year earnings of $9.84 a share ahead of Tuesday's results.
Ferrari's U.S.-listed shares slipped 0.9% to $462.17 in premarket trading. Futures tracking the S&P 500 were down 0.6%.
Write to George Glover at george.glover@dowjones.com
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May 06, 2025 07:27 ET (11:27 GMT)
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