Ferrari reported a 4% increase in first-quarter core earnings, driven by higher demand for premium models like the F80 supercar and personalizations. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €722 million ($844 million), slightly exceeding analyst expectations of €705 million.
Key Takeaways
Ferrari reported a 4% increase in first-quarter core earnings driven by demand for premium models and personalizations. The company maintained its full-year guidance despite negative currency effects and a deliberate reduction in car deliveries to manage model changeovers. Ferrari shares initially dipped but remained relatively stable following the announcement.
The luxury sports car maker confirmed its full-year guidance, including an EBITDA target of at least 2.93 billion euros for the year. Ferrari's shares initially dipped by 1% following the release of the results but remained relatively stable throughout the day as reported by TimesLIVE and Reuters.
Ferrari CEO Benedetto Vigna attributed the positive results to strong customer demand for personalizations and higher-priced models, which offset negative currency effects due to fluctuations in the U.S. dollar and Japanese yen. The company also mentioned that deliveries fell by 157 units to 3,436 in the first quarter, a deliberate move to ease the execution of planned model changeovers.
The results come ahead of Ferrari's unveiling of its first fully electric model, the Luce, scheduled for late May. The Luce, priced over €500,000, marks a significant milestone for the company known for its roaring petrol engines as reported by CNBC and Reuters.
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