Ferrari slips despite solid second-quarter earnings (RACE)

pulse

August 2, 2017 1:02 PM

Ferrari has been on a tear in 2017, with the stock up over 80%, making it the best performer in the auto sector.

The GTC4 Lusso.

Ferrari has been on a tear in 2017, with the stock up over 80%, making it the best performer in the auto sector. But management isn't getting overconfident.

The company "reported a 24 percent rise in second-quarter core earnings on Wednesday and kept its full-year guidance, disappointing some investors who had expected it to lift its outlook," according to Reuters.

Th automaker's "adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in April-June rose to 270 million euros, in line with a Thomson Reuters SmartEstimate of 271 million euros," Reuters reported.

The results came as rumors swirled around the possibility that the company will explore some type of SUV or more versatile four-door vehicle. Currently, the carmaker sells two-door sports cars and grand-tourers; the hatchback GTC4 Lusso (pictured above) is the closest thing to a crossover in the lineup.

Ferrari shares were trading down 2% on the New York Stock Exchange in pre-market trading on Tuesday at $106.

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