Ferrari Backs Guidance After No Major Impact From Tariffs — Update

By Dominic Chopping

Ferrari backed its full-year guidance as it revealed it had no significant impact from the introduction of new import tariffs on EU cars into the U.S. during the second quarter.

The Italian sports car maker had previously outlined plans to counter tariffs with price increases of up to 10% for models other than the 296, Roma and SF90, but had cautioned that 50 basis points of its guided profitability this year was subject to tariff risk.

However, in its update Thursday, it said it had removed the tariff-risk guidance after the recent deal agreed to between the U.S. and European Union. It now forecasts lower industrial costs in the second part of the year versus initial expectations.

The second quarter saw revenue boosted by an increasing number of customization requests as well the sale of more profitable cars and rising sales in higher margin countries.

The Ferrari Roma Spider, 296 GTS and Purosangue drove deliveries in the quarter, while the 12Cilindri continued its ramp-up phase and the SF90 XX family of cars increased their contribution.

In Ferrari's two largest regional markets, shipments fell 0.5% in Europe, the Middle East and Africa, but rose 1.2% in the Americas. Mainland China, Hong Kong and Taiwan logged a 1.4% contraction in shipments, while the rest of the Asia-Pacific recorded a 1.9% rise.

"We continue to drive innovation and enrich our product portfolio, which fuels an already strong order book," Chief Executive Benedetto Vigna said.

Ferrari reported net profit of 425 million euros ($484.8 million) in the second quarter, up from 413 million euros in the same quarter last year as revenue rose 4.4% to 1.79 billion euros.

It shipped 3,494 vehicles to customers, 10 more than a year earlier.

Analysts polled by FactSet had forecast 1.83 billion euros in revenue, while a FactSet consensus had shipments at 3,523 units.

Ferrari said it now has stronger confidence in its 2025 guidance, thanks to the product and country mix, personalizations, higher commercial revenues and cash generation driven by strong profitability.

It still expects full-year revenue of more than 7 billion euros, adjusted earnings before interest, taxes, depreciation and amortization of at least 2.68 billion euros and adjusted earnings before interest and taxes of at least 2.03 billion euros.

The adjusted Ebitda margin is still seen hitting at least 38.3%, with an adjusted EBIT margin of at least 29%.

Ferrari shares fell 5.1% to 414 euros in afternoon trade in Europe.

Write to Dominic Chopping at dominic.chopping@wsj.com