Why did RACE's Q2 2023 earnings exceed expectations?

Ferrari's Q2 2023 earnings exceeded expectations due to several key factors:

1. **Strong Shipment Growth**: Ferrari saw a 9.7% increase in total shipments, with 3,567 units shipped, compared to 3,251 units in the same quarter of the previous year. This growth was driven by strong demand for its latest models, including the Portofino M, 296 GTB, and 812 Competizione.
2. **Favorable Pricing and Mix**: The company experienced a 23% growth in cars and spare parts revenue, driven by a richer mix of models sold and increased personalizations. This reflects Ferrari's successful strategy of attracting higher-value customers and leveraging its product portfolio to boost profitability.
3. **Margin Expansion**: Ferrari's adjusted EBITDA margin reached 37.6%, marking a new high and indicating improved operational efficiency. This was partly due to increased personalized unit sales and a favorable country mix, despite the phase-out of certain models like the Monza SP1 and SP2.
4. **Regional Market Strength**: Ferrari saw robust increases in unit sales to China and the rest of Asia, with a 39% and 19% growth, respectively. This highlights the company's growing presence and demand in key emerging markets.

In summary, Ferrari's Q2 2023 earnings exceeded expectations due to strong shipment growth, favorable pricing and mix, margin expansion, and regional market strength. These factors combined to drive profitability and beat market expectations.