MILAN (Reuters) – Ferrari reported a 13 percent increase in first-quarter operating profit on Tuesday but its shares fell on the Milan Stock Exchange as the luxury sports car maker failed to enthuse investors despite a start to the year considered “very positive”.
The quarterly results, the Italian company said, were boosted by its pricing ability, product range and a greater contribution from personalized vehicles. It also reported an increase in deliveries of its limited edition Daytona SP3, which sold for 2 million euros.
Chief Executive Benedetto Vigna said Ferrari recorded double-digit growth in revenue and profit despite stability in car deliveries.
“This result was achieved thanks to our even stronger product and country mix, as well as a greater contribution from personalization,” he said in a statement.
“Our strategy of focusing on quality over quantity continues to bear fruit.”
Ferrari’s adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) reached 605 million euros in the January-March period, in line with analysts’ expectations according to a Reuters consensus.
Ferrari, whose shares listed in Milan fell 3.75% to 382.30 euros at 12:28 GMT, confirmed its forecast for 2024 of an increase in its adjusted Ebitda of at least 2.45 billion euros.
(Reporting Giulio Piovaccari, French version Mathias de Rozario, editing by Kate Entringer)
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