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Ferrari tops first-quarter profit forecast, shares surge

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Ferrari tops first-quarter profit forecast, shares surge
FILE PHOTO: The new Ferrari Portofino is displayed during the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 12, 2017. REUTERS/Ralph Orlowski/File Photo   -   Copyright  Ralph Orlowski(Reuters)
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MILAN (Reuters) – Italian luxury carmaker Ferrari beat forecasts with a 14 percent rise in first-quarter core earnings, driven by strong sales of its Portofino model and increased shipments in all regions, and stuck to its full-year targets.

Milan-listed Ferrari shares rose as much as 5.7 percent following the results on Tuesday, They were up 4.6 percent at 1100 GMT.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 311 million euros (266 million pounds) in January-March, above the average forecast of 284 million euros in a Reuters poll of analysts.

Net revenues rose 13 percent to 940 million euros, topping the average estimate of 864 million euros.

For 2019, Ferrari expects adjusted EBITDA to rise around 10 percent to 1.2-1.25 billion euros. Sales are seen growing more than 3 percent to top 3.5 billion euros.

Last year’s plan set a target for adjusted EBITDA in excess of 1.3 billion euros in 2020, but Chief Executive Louis Camilleri said earlier this year he was “very bullish” and might rise it, betting on new models and special editions at premium prices to lure customers.

(Reporting by Giulio Piovaccari, Editing by Valentina Za and Mark Potter)

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