Ferrari Q1 beats expectations, shares up by 3%

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

Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in January-March rose to 242 million euros ($265 million), above a Thomson Reuters SmartEstimate consensus of 222 million euros.

Quarterly revenues were up 22 percent 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.