First-quarter sales power ahead at Ferrari

Shares in Ferrari motored ahead on Tuesday, after the luxury car maker saw first-quarter revenues jump and reiterated full-year targets.

The Italian company shipped 2,610 units during the three months to 31 March, a 22.7% increase on the same period last year, while net revenues rose 13.1% to €940m, or 11.1% on a constancy currency basis.

Adjusted pre-tax earnings were €311m, marking a 14% improvement and above forecasts. Analysts had been looking for around €284m.

Looking ahead, Ferrari confirmed that full-year net revenues were scheduled to grow by around 3% to more that €3.5bn, with adjusted pre-tax earnings up around 10% at between €1.2bn and €1.25bn.

Shares in Ferrari were trading 4% higher by 1230 BST, at €123.25.

Ferrari attributed the first-quarter performance to strong demand for its V8 models and the Portofino in particular. V8 models saw sales rise 30.6% while sales of V12 cars grew 4.1%, led by the 812 Superfast.

Ferrari’s biggest market – Europe, the Middle East and Africa – saw shipments rise 10% to 1,209, while the Americas recorded a 27% hike to 720. The biggest improvement was in Mainland China, Taiwan and Hong Kong, however, where shipments soared 79% to 328 as deliveries ramped up ahead of the introduction of new emissions regulations.

The sale of cars and spare parts is Ferrari’s main source of revenue. That rose 20% to €735m, while sponsorship and commercial saw revenues rise 2% to €128m. Revenues from its engines arm – which includes the rental of engines to other Formula 1 racing teams – declined 23% to €58m, primarily because of lower shipments to Fiat Chrysler’s Maserati brand.