Ferrari N.V. ( RACE ) reported second-quarter financial results before the market open on Thursday. Here’s a rundown of the report.

Q2 Earnings: Ferrari reported second-quarter revenue of $2.03 billion, beating analyst estimates of $1.82 billion, according to Benzinga Pro. The company reported second-quarter earnings of $2.70 per share, beating estimates of $2.39 per share.

Total revenue was up 4.4% year-over-year on shipments of 3,494 units in the quarter. Revenue from cars and spare parts was up 2.3% year-over-year and sponsorship, commercial and brand revenue climbed 21.9% year-over-year.

“The first semester of 2025 reminded us once more about the importance of agility and flexibility in the management of our Company. Today’s strong results reflect our commitment to execute our strategy with discipline and focus. We continue to drive innovation and enrich our product portfolio, which fuels an already strong order book,” said Benedetto Vigna, CEO of Ferrari.

On the conference call following the print, Vigna reportedly said the company expects deliveries for the rest of 2025 to be deliberately reduced versus 2024 as Ferrari prioritizes quality of revenue over volume.

Ferrari expects full-year 2025 earnings to be greater than $9.75 per share versus estimates of $8.96 per share.

RACE Price Action: Ferrari shares were down 11.6% at $440.83 at the time of publication Thursday, according to Benzinga Pro.

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