Ferrari N.V. (NYSE:RACE) stock dropped Tuesday after the luxury auto company reported its first-quarter results and guidance.

The Italian car manufacturer reported quarterly sales growth of 13.0% year over year to $1.88 billion (1.79 billion euros), beating the analyst consensus estimate of $1.77 billion.

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Here’s a breakdown of the report:

CEO Benedetto Vigna said the company remains on track with plans for six new models this year, which include the newly launched 296 Speciale, 296 Speciale A, and the much-anticipated Ferrari Elettrica through a unique and innovative unveiling.

Outlook: Ferrari reiterated fiscal 2025 net revenues of greater than 7.0 billion euros ($7.36 billion), compared to an estimate of $7.20 billion estimate.

The company maintained fiscal 2025 adjusted EPS of greater than or equal to 8.60 euros ($9.04) versus an estimated $8.97.

Adjusted EBITDA will be greater than 2.68 billion euros, with a margin greater than 38.3%. However, the margin is subject to a potential risk of 50 basis points reduction in relation to the update of the commercial policy following the introduction of import tariffs on EU cars into the US.

In March, Ferrari shared plans to raise prices by up to 10% on specific models due to U.S. auto tariffs, which affect models like Purosangue and F80.

Price Action: Ferrari stock is down 1.07% at $461.46 premarket at the last check on Tuesday.

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