Luxury sports car maker Ferrari posted a modest first-quarter core earnings increase on Tuesday as higher demand for personalisations and sales of higher-priced models such as the F80 supercar were partly offset by negative currency effects.
Milan-listed shares in Ferrari, which confirmed its forecasts for the full-year, turned negative after the release of its first-quarter results and were down 1.3% by 1155 GMT.
Ferrari said its earnings before interest, taxes, depreciation and amortisation (ebidta) rose 4% to €722m (about R14.11bn) in the January-March period, slightly topping a €705m (about R13.78bn) analyst consensus in a Reuters poll.
“Foreign exchange impact, net of currency hedges, resulted [in] a negative effect mainly due to the US dollar and the Japanese yen,” it said in a statement.
Ferrari also said car deliveries fell by 157 units in the first quarter, to 3,436, but said this was a deliberate move to ease the execution of the planned model changeover.
“Total deliveries were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions,” it said.
Reuters
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