A Safe Haven for Luxury Investors: Ferrari Raises Its Forecast for the Second Time This Year

Italian luxury carmaker Ferrari raised its annual forecast after third-quarter profits exceeded analysts’ expectations. The company attributed the upward revision to strong demand for vehicle customization and favorable conditions in the foreign exchange market. Investors responded to the new forecast by buying Ferrari shares, which this year are outperforming competitors in the luxury sector that are suffering from a sales slump in China.

Ferrari reported that adjusted earnings per share for the third quarter of 2026 were €2.44, exceeding expectations by 3.8%. Revenue rose 7% year-over-year to €1.9 billion, in line with analysts’ forecasts, according to FactSet, Barron’s reports.

The company has revised its earnings guidance for the second time this year; the previous revision took place in July. For the full year, Ferrari now expects revenue of €7.65 billion and adjusted earnings of €9.85 per share. Previously, the company had forecast €7.6 billion and €9.6 per share, respectively. Both figures in the forecast slightly exceeded analysts’ consensus estimates, according to Bloomberg.

Ferrari noted that the quarter’s results were driven by strong demand for additional car customization options, a favorable sales mix—including contributions from the F80 hybrid supercar—and positive currency exchange rate movements. The pricing strategy is based on strictly controlled production volumes, the use of bespoke parts, and limited editions to command a premium from affluent collectors, according to Bloomberg.

The company’s order book is now filled through 2028, and Ferrari plans to introduce two more new models by the end of 2026, CEO Benedetto Vigna said. However, the number of cars delivered in the third quarter fell by 1% compared with the same period last year: to 3,368 from 3,401 a year earlier. The decline was due to lower deliveries to North and South America, as well as to China, Hong Kong, and Taiwan, according to CNBC.

Ferrari Luce’s first electric car, priced at €550,000 and unveiled in July of this year, is selling exceptionally well. “Everything we plan to sell next year has already been fully allocated,” Reuters quotes Vignu as saying; he declined to provide sales targets for the model for next year.

Ferrari shares rose by more than 3% in the U.S. on November 3. Since the beginning of the year, they have gained 13%, in line with the global market's growth rate.

Ferrari shares have bucked the general downturn in the luxury goods sector this year. This is partly because the Italian automaker is less dependent on the Chinese market than major fashion brands, including Louis Vuitton and Kering, whose shares rose by less than 2%, notes Barron's. However, Ferrari could use a new growth driver to help it continue to outperform other companies in its sector, the publication notes.

“There’s no doubt that the [third-quarter] results are good. But investors went into the earnings report with very high expectations,” wrote Berenberg analyst Michael Filatov, as quoted by Bloomberg. According to him, the main question ahead of the earnings release was how much Ferrari would raise its full-year forecast.

Ferrari's results are generally in line with Wall Street expectations, according to RBC Capital Markets analyst Tom Narayan, as reported by CNBC. The company’s stock may be under “some pressure, given that some had hoped for a more significant upward revision to forecasts, but the situation is expected to improve once people realize that the results are good,” Narayan added.

This article was AI-translated and verified by a human editor