Ferrari: first-quarter earnings up on cabriolet deliveries
(CercleFinance.com) - Italian sports-car maker Ferrari on Tuesday reported a 39% rise in first-quarter profit, helped in particular by robust deliveries of its Portofino cabriolet.
The Maranello-based company said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the January-March period rose to 311 million euros, from 272 million euros one year ago.
Revenues increased 13% to 940 million euros, with shipments over the quarter up 23% to 2,610 vehicles.
The rise was driven by a 30% increase in sales of 8 cylinder models (V8), and particularly by robust deliveries of the Ferrari Portofino.
For 2019, Ferrari expects revenues to exceed 3.5 billion euros, over 3% growth versus 2018, and adjusted EBITDA of between 1.2-1.25 billion euros, up 10% from 2018.
Ferrari shares - which are listed both in New York and Milan - are currently up 4.6% on the Borsa Italiana market.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Maranello-based company said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the January-March period rose to 311 million euros, from 272 million euros one year ago.
Revenues increased 13% to 940 million euros, with shipments over the quarter up 23% to 2,610 vehicles.
The rise was driven by a 30% increase in sales of 8 cylinder models (V8), and particularly by robust deliveries of the Ferrari Portofino.
For 2019, Ferrari expects revenues to exceed 3.5 billion euros, over 3% growth versus 2018, and adjusted EBITDA of between 1.2-1.25 billion euros, up 10% from 2018.
Ferrari shares - which are listed both in New York and Milan - are currently up 4.6% on the Borsa Italiana market.
Copyright (c) 2019 CercleFinance.com. All rights reserved.