Ferrari N.V. (NYSE:RACE) raised full-year guidance after reporting record results for Q2 and cruising past the consensus expectations. Despite the global economic downturn, demand for Ferrari's high-priced sports and grand touring cars is strong. Of note, all geographic regions positively contributed in the quarter.
The automaker posted revenue and shipments growth of over 20% from a year ago and disclosed that its net order intake also hit a record level in the quarter. Strong demand for the V8-powered Portofino M convertible and F8 mid-engine sports car was noted.
Shipments were up 29% to 3,455 vehicles led by a 62% jump in the Americas to 1,053 vehicles. EBITDA margin was 34.6% vs. 34.8% a year ago despite the inflation headwinds. Ferrari (RACE) benefited from the strong U.S. dollar during the quarter vs. the yuan and U.S. dollar.
Shares of Ferrari (RACE) dipped 0.10% following the solid print after gaining 4% in the week front of the report.
Morgan Stanley backed RACE as its favorite auto stock following the Q2 earnings topper.