Ferrari Q1 beats expectations, shares up by 3%
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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.
Questions & Answers
Q.What were Ferrari's total revenues for the first quarter and how did this compare to expectations?
What were Ferrari's total revenues for the first quarter and how did this compare to expectations?
Quarterly revenues for Ferrari were 821 million euros, marking a 22 percent increase. This figure surpassed the expectations, which had predicted revenues of 767 million euros for the period.
Q.Which specific models contributed to the increase in Ferrari's first-quarter revenues?
Which specific models contributed to the increase in Ferrari's first-quarter revenues?
The rise in revenues was primarily helped by strong sales of its 12-cylinder models. These included the GTC4Lusso, and also saw a boost from the newly-launched LaFerrari Aperta hybrid convertible.
Q.Did Ferrari maintain its financial projections for the entire year after these strong first-quarter results?
Did Ferrari maintain its financial projections for the entire year after these strong first-quarter results?
Yes, following the better-than-expected first-quarter performance, Ferrari confirmed its full-year guidance. The strong results did not lead to any changes in their financial outlook for the rest of the year.
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