Ferrari N.V.

Ferrari delivered a blowout second quarter, posting earnings per share of $2.78 against a consensus estimate of $2.31, a beat of 20.54%, while revenue of $2.09 billion topped expectations by 14.06% and grew 4.4% year over year. The standout driver was a richer product and country mix, amplified by surging personalization contributions and a 21.9% jump in sponsorship and brand revenues, which collectively lifted EBIT margins 100 basis points to 30.9%. The luxury automaker shipped 3,494 cars in the quarter, nearly flat with a year ago, yet managed to extract meaningfully more revenue per vehicle as the SF90 XX and 12Cilindri families gained momentum. Ferrari also benefited from sidestepping meaningful tariff exposure, having imported most US-bound inventory before April levies took effect, and subsequently removed the 50-basis-point margin risk it had flagged earlier in the year. With stronger confidence in its 2025 outlook, Ferrari now targets net revenues of at least $8.19 billion and adjusted diluted EPS of at least $10.06, though investors responded cautiously to the guidance update amid concerns over pricing dynamics in the US market.