MILAN (Reuters) -Ferrari said on Tuesday its core earnings rose 13% in the first quarter of the year but its shares fell as the luxury sports car maker failed to excite investors despite what its CEO called a “very positive” start of the year.
The Italian company said its quarterly results were boosted by pricing power, the mix of product sales, and a greater contribution from personalised vehicles. It also cited rising deliveries of its 2 million euro ($2.2 million) limited-series Daytona SP3 model.
Chief Executive Benedetto Vigna said Ferrari had produced double-digit growth for both revenue and profits despite stable car deliveries.
“This was achieved through an even stronger product and country mix as well as a greater contribution from personalisation,” he said in a statement.
“Our value over volume strategy continues to be successful”.
Ferrari’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached 605 million euros in January-March, in line with analyst expectations in a Reuters poll.
Shipments, however, fell by seven units to 3,560, dragged by a 20% drop in the China, Hong Kong and Taiwan region.
Ferrari, whose Milan-listed shares turned negative after the results, confirmed its forecast for full-year adjusted EBITDA to increase to at least 2.45 billion euros in 2024.
At 1140 GMT, the shares were down 5.8%.
($1 = 0.9291 euros)
(Reporting by Giulio Piovaccari; Editing by Gianluca Semeraro and Mark Potter)
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