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Ferrari Q1 beats expectations

[MILAN] Italian luxury sportscar maker Ferrari reported a better-than-expected 36 per cent rise in first-quarter core earnings on Thursday and confirmed its full-year guidance, lifting shares up more than 3 per cent.

Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in January-March rose to 242 million euros (S$368.8 million), above a Thomson Reuters SmartEstimate consensus of 222 million euros.

Quarterly revenues were up 22 per cent to 821 million euros, above expectations of 767 million euros, helped by sales of its 12 cylinder models such as the GTC4Lusso and the newly-launched LaFerrari Aperta hybrid convertible.

REUTERS

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