Ferrari Stock Pops After Earnings Beat. Here’s the Good News for Investors.

A tuned Ferrari 296 GTS car at the Essen Motor Show in Germany. (INA FASSBENDER/AFP via Getty Images)

Key Points

• Ferrari’s third-quarter earnings of 2 euros and 14 cents and revenue of 1.77 billion euros exceeded analyst expectations.
• Vehicle shipments increased by 1% year-over-year to 3,401 cars, with a 2% rise in EMEA and Asia, and a 2% drop in the Americas.
• The company maintained its full-year outlook, projecting adjusted earnings of 8.80 euros per share on 7.1 billion euros in revenue.

Ferrari topped Wall Street’s earnings and revenue targets on Tuesday, as the Italian supercar maker bids to drum up some enthusiasm from investors following an electric-vehicle reveal that didn’t go to plan.

The Prancing Horse’s U.S. shares were up 1.8% to $399.14 in early trading. The S&P 500 was down 1.1%.

Created with Highcharts 9.0.1FerrariSource: FactSet

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The move higher came after Ferrari reported third-quarter earnings of 2 euros and 14 cents, as revenue climbed 7% from a year ago to €1.77 billion ($2.03 billion). Analysts were expecting earnings of €2.06 on revenue of €1.70 billion, according to a FactSet poll.

Ferrari sold 3,401 cars over the quarter, up by 18 from a year ago. Shipments to Europe, the Middle East, and Asia climbed 2%, while deliveries to the Americas slipped 2% amid sweeping U.S. tariffs.

“In America the business proceeds as usual…The only modification is the price increase, because of the new lower tariff that became official,” CEO Benedetto Vigna told Barron’s.

Prices for cars in the U.S. have risen by up to 5% because the U.S. imposed a 15% levy on goods from the European Union, he said. Ferrari was previously expecting a 10% price hike when the White House had threatened 25% tariffs on the EU.

The company stood by its previous full-year outlook, which calls for adjusted earnings of €8.80 a share on revenue of €7.1 billion.

The earnings come less than a month after a Capital Markets Day in Maranello, Italy that sent shares tumbling. The Oct. 9 event was supposed to be all about the chassis reveal of the Ferrari Elettrica, which is set to start being delivered in late 2026, but investors focused on softer-than-expected long-term guidance instead.

Ferrari stock tumbled 16% the day of the CMD, its largest one-session decline since the supercar maker went public in October 2015.

“We expect ‘25 consensus numbers to move higher especially considering the fact that the ‘25 guide is a floor,” said RBC analyst Tom Naryan.

He rates Ferrari’s Milan-listed stock Outperform, with a €460 price target that implies it can rise 35%. “Shares should be up on the strong Q3 numbers, and given Ferrari’s recent post-CMD pullback,” Naryan added.

Write to George Glover at george.glover@dowjones.com