(News Bulletin 247) – Ferrari reported better-than-expected results for the first quarter on Thursday and confirmed its forecasts for the full year.
The sports car manufacturer said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 27% in the first three months of the year to 537 million euros.
For comparison, the consensus was for a result of 508 million euros.
Its turnover increased by 20.5% to 1.4 billion euros, on the basis of deliveries up by 9.7% to 3,567 units thanks in particular to the release of new models such as the Portofino M, the 296 GTB or the 812 Competizione.
With a 12% increase, sales in the Americas region proved particularly dynamic.
Regarding its outlook, the Maranello group confirmed its objective of an annual turnover of around 5.7 billion for an adjusted Ebitda of 2.13 to 2.18 billion.
“We believe it is likely that the company raises its guidance by the end of the year,” RBC analysts responded today.
Ferrari shares rose 4.4% this afternoon on the Milan Stock Exchange, largely outperforming the index of European automotive stocks, which lost 1.5%, as did the STOXX Europe Luxury 10.
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