MILAN (Reuters) -Ferrari’s core earnings rose 27% in the first quarter of this year on increased shipments, as the Italian luxury sports car maker on Thursday said demand for its cars stretched into 2025.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at 537 million euros ($594 million) in the January-March period, topping analyst expectations of 508 million euros, according to a Reuters poll.
Results were driven by shipments of the Portofino M, the 296 GTB and the 812 Competizione models, as well as pricing capacity, the company said in a statement.
“Our order book already extends into 2025 with an award-winning product portfolio,” Chief Executive Benedetto Vigna said, adding Ferrari had decided to reopen orders for its new Purosangue four-seater, which had been suspended “due to an initial unprecedented demand”.
Deliveries of the 390,000-euro Purosangue, which was launched last year, are due to start in the current quarter, while Ferrari, which already unveiled the Roma Spider in March, has promised a total of four new models this year.
The margin on adjusted EBITDA grew by two percentage points compared to the same quarter of last year, to 37.6%.
Milan-listed shares in the company turned positive after results were published and by 1120 GMT were up 3%.
($1 = 0.9043 euros)
(Reporting by Giulio PiovaccariEditing by Keith Weir)
