Ferrari N.V. RACE is slated to post third-quarter 2024 results on Nov. 5, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings and revenues is pegged at $2.11 per share and $1.80 billion, respectively.

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For the to-be-reported quarter, the consensus estimate for Ferrari’s earnings per share has moved up 6 cents in the past 90 days. Its bottom line is expected to rise 6.57% from the year-ago period.

The Zacks Consensus Estimate for RACE's quarterly revenues suggests a year-over-year increase of 7.06%. Over the trailing four quarters, the company surpassed earnings estimates on each of the occasions, the average surprise being 12.30%. This is depicted in the graph below:

Ferrari N.V. Price and EPS Surprise

Ferrari N.V. price-eps-surprise | Ferrari N.V. Quote

RACE’s Q2 Highlights

Ferrari beat the Zacks Consensus Estimate in its second-quarter 2024 earnings.

Its adjusted earnings per share of $2.46 surpassed the consensus mark of $2.21 and rose from $1.99 reported in the year-ago quarter.

Consolidated revenues came in at $1.84 billion, up 14.8% from the corresponding quarter of 2023, and beat the Zacks Consensus Estimate of $1.80 billion.

Factors to Shape Ferrari’s Q3 Results

In the second quarter of 2024, Ferrari shipped 3,484 units, up 2.7% from the corresponding quarter of 2023 due to strong deliveries of the Ferrari Purosangue, the Roma Spider and the 296 GTS. The delivery trend is expected to have continued in the third quarter.

On the back of positive product and country mix and the increased demand for personalization, Ferrari has made an upward revision in its 2024 guidance. It expects net revenues to be €6.55 billion, up from the previous estimate of €6.4 billion. Adjusted EBIT margin is now expected to be 27.5%, up from the previous expectation of 27%. 

Rising shipment and upbeat outlook for 2024 are likely to act as a tailwind for third-quarter results.

What Does Our Model Say About RACE?

Our proven model predicts an earnings beat for Ferrari this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here.

Earnings ESP: Ferrari has an Earnings ESP of +0.39%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Ferrari currently carries a Zacks Rank #3.

Other Stocks With Favorable Combination

Cummins Inc. CMI and Xos, Inc. XOS are some other automotive players, that, according to our model, have the right combination of elements to post an earnings beat for the quarter to be reported.

CMI has an Earnings ESP of +3.91% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The company is slated to report third-quarter 2024 results on Nov. 5. The Zacks Consensus Estimate for Cummins’ to-be-reported quarter’s earnings and revenues is pegged at $4.89 per share and $8.28 billion, respectively. CMI beat earnings estimates in two of the trailing four quarters and missed twice, with the average surprise being 1.07%.

XOS has an Earnings ESP of +23.74% and a Zacks Rank #3 at present. The company is slated to report third-quarter 2024 results on Nov. 14. The Zacks Consensus Estimate for Xos’ to-be-reported quarter’s revenues is pegged at $22.14 million, respectively. XOS beat earnings estimates in each of the trailing four quarters, with the average surprise being 19.33%.