Ferrari beats forecasts, keeps guidance despite lower Q1 deliveries

(Sharecast News) - Ferrari shares were lower on Tuesday despite the Italian sports car group beating first-quarter expectations and maintaining its full-year guidance, as conflict in the Middle East prompted the manufacturer to adjust its deliveries to other regions.

The company, which is set to debut its first fully electric car later this month, said that the total number of deliveries over the first three months of 2026 4.4% lower than the previous year at 3,436 units.

However, the overall figure was not affected by the Iran war as it brought forward certain deliveries to other regions, as the firm "leveraged its geographical allocation flexibility", it said.

Ferrari said revenues totalled €1.85bn over the first quarter, rising 3% over last year, while operating profits were 1% higher at €548m and earnings per share rose 1% to €2.33.

That was slightly ahead of consensus forecasts for revenues of €1.81bn and EPS of €2.27.

Ferrari said its solid performance in the first quarter was "remarkable" despite the ongoing geopolitical situation and underscored the "resilience" of its business model.

"Our enriched mix and continued demand for personalisations contributed to the strong earnings we are presenting today. With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance", said Benedetto Vigna, chief executive.

For 2026 as a whole, net revenues are still expected to grow to around €7.50bn from €7.15bn the year before, while the adjusted operating profit is tipped to rise to €2.22bn from €2.11bn.

"With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high," Vigna said.

Shares were down 4.3% at €278.60 by 1609 BST.