Ferrari’s Q1 core earnings increase, maintains FY guidance

Ferrari's Q1 core earnings increase, maintains FY guidance/Reuters

VoM News Desk | May 7, 2024 | 05:02 PM IST | Breaking News | Follow on Google News

Ferrari’s Q1 core earnings increase, maintains FY guidance

Ferrari’s Q1 core earnings increase, maintains FY guidance

MILAN, May 7 (Reuters) – Ferrari (RACE.MI), opens new tab said on Tuesday its core earnings rose 13% in the first quarter of the year as the luxury sports car maker was supported by pricing power and product mix, as well as by a greater contribution from personalisation.

The Italian company said in a statement that its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were 605 million euros ($651 million) in the January-March period, in line with analyst expectations in a Reuters poll.

Ferrari, whose Milan-listed shares turned negative after the results were published, confirmed its forecast for its full-year adjusted EBITDA to increase to at least 2.45 billion euros in 2024.

($1 = 0.9291 euros)

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