Ferrari N.V. (NYSE:RACE) shares declined Tuesday after the luxury automaker reported fiscal first-quarter 2026 results and reaffirmed its full-year guidance.

The Italian carmaker posted revenue of 1.85 billion euros ($2.16 billion), up 3% from a year earlier and above the analyst consensus estimate of $2.12 billion. Earnings per share came in at 2.33 euros ($2.73), topping expectations of $2.70.

Segment Performance and Margins

Revenue from cars and spare parts rose 1% year over year, driven by a richer sports-car mix and higher personalization. Sponsorship, commercial and brand revenue increased 14%, supported by stronger sponsorships and lifestyle activities.

Total shipments declined 4.4% to 3,436 units as Ferrari managed deliveries during a planned model transition.

The company said deliveries "were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions."

EBITDA rose 4% to 722 million euros, while the margin expanded 40 basis points to 39.1%. Net profit was almost flat at 413 million euros.

Operating cash flow totaled 863 million ...