Australia markets closed
  • ALL ORDS

    7,270.00
    +3.40 (+0.05%)
     
  • ASX 200

    7,068.80
    +3.60 (+0.05%)
     
  • AUD/USD

    0.6447
    +0.0030 (+0.47%)
     
  • OIL

    90.75
    +1.12 (+1.25%)
     
  • GOLD

    1,944.80
    +5.20 (+0.27%)
     
  • Bitcoin AUD

    41,286.93
    -236.14 (-0.57%)
     
  • CMC Crypto 200

    567.66
    -8.60 (-1.49%)
     
  • AUD/EUR

    0.6058
    +0.0045 (+0.75%)
     
  • AUD/NZD

    1.0804
    -0.0007 (-0.07%)
     
  • NZX 50

    11,372.62
    +53.88 (+0.48%)
     
  • NASDAQ

    14,694.24
    -275.68 (-1.84%)
     
  • FTSE

    7,720.58
    +41.96 (+0.55%)
     
  • Dow Jones

    34,070.42
    -370.46 (-1.08%)
     
  • DAX

    15,544.33
    -27.53 (-0.18%)
     
  • Hang Seng

    18,057.45
    +402.04 (+2.28%)
     
  • NIKKEI 225

    32,402.41
    -168.62 (-0.52%)
     

Strong deliveries and pricing drive Ferrari to Q1 earnings beat

Investing.com -- Ferrari NV (BIT:RACE) has posted stronger-than-expected income in the first quarter, as the Italian sports car maker was boosted by an uptick in prices and an almost 10% rise in vehicle deliveries.

Adjusted earnings before interest, taxes, depreciation and amortization grew by 27% compared to the same period last year to €537 million (€1=$1.1067), topping Bloomberg consensus estimates of €509.4 million.

Total shipments during the three months ended on March 31 moved up to 3,567 units, an increase of 9.7% year-on-year. Solid demand in mainland China - the world's largest auto market - and the Americas helped offset a slowdown in Europe, Middle East, and Africa.

Revenues from cars and spare parts surged by more than 23% to €1.24B, which the Maranello-based brand said was partly due to higher volumes and "the contribution from personalizations and pricing." The unit drove total revenues up by 20.5% to €1.43B, beating projections of €1.38B.

Ferrari also confirmed its previously-raised 2023 guidance for adjusted core profit of €2.13 to €2.18 billion on net revenues of €5.7 billion, adding that price hikes will be needed to counter current cost inflation.

Milan-listed shares in Ferrari were in the green following the release of the results.

Related Articles

Strong deliveries and pricing drive Ferrari to Q1 earnings beat

Shell posts $10 billion profit as trading offset lower energy prices

Paramount Global disappoints on slow subscriber growth, weak ad market