Ferrari's adjusted EBITDA surged by 14% to $669 million in the second quarter, surpassing analysts' average forecast of $650 million. This robust performance prompted the luxury sports car manufacturer to upgrade its full-year adjusted EBITDA projection to at least $2.50 billion, up from the previous forecast of at least $2.45 billion. The company also generated $121 million in cash during the quarter.
The improved outlook was primarily attributed to the strong sales of its more expensive and exclusive models, including the $2 million Daytona SP3 and limited-series vehicles like the $5.1 million 499P Modificata. Pricing power contributed $122 million to quarterly earnings. Additionally, increased demand for vehicle personalization, both interior and exterior, significantly boosted results, reflecting 19% of Ferrari's $6 billion revenue in 2023. Strong performance in the Americas also played a role.
Bernstein analysts lauded Ferrari's results, noting the company "handsomely beat today pretty much across the board" and reinforced their view that "there is only one Ferrari." Following the announcement, Ferrari's Milan-listed shares extended gains by 5.1%. This contrasts with Porsche, which recently cut its sales and profit guidance due to supply chain issues. Ferrari's CEO Benedetto Vigna highlighted that net revenues and profitability saw double-digit growth, sustained by an enriched product mix and rising demand for personalization.
