Ferrari beat forecasts on Tuesday with a 14 percent rise in first-quarter core e...
MILAN - Ferrari beat forecasts on Tuesday with a 14 percent rise in first-quarter core earnings, boosting its shares on growing expectations the Italian luxury carmaker might soon raise its full-year financial targets.
Milan-listed Ferrari shares rose as much as 5.7 percent on the results, which were driven by strong sales of the 8 cylinder Portofino model and the 812 Superfast among higher-margin 12 cylinder models. The stock was up 4.4 percent at 1215 GMT.Current targets look “extremely conservative”, Morgan Stanley analysts said in a note.
Net revenues rose 13 percent to 940 million euros, topping the average estimate of 864 million euros. Shipments rose in all regions, with China and America up 79 percent and 27 percent respectively. Ferrari currently expects adjusted EBITDA this year to rise around 10 percent to 1.2-1.25 billion euros. Sales are seen growing more than 3 percent to top 3.5 billion euros.
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