Ferrari beats on first-quarter earnings, stock surges
- Ferrari beat analysts expectations for first-quarter earnings.
- The carmaker also stuck to its 2018 financial targets.
Italian luxury carmaker Ferrari confirmed its full-year targets after core earnings rose 14 in the first quarter, driven by a strong performance of its Portofino model.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at 311 million euros ($348 million) in the January-March period, Ferrari said on Tuesday.
That is above an average forecast of 284 million euros based on a Reuters poll of analysts.
Ferrari shares rose as much as 4.7 percent on the results.
Ferrari has been a highlight of the auto industry since its 2015 IPO and spinoff from former parent, Fiat Chrysler Automobiles. Shares are up 163%, versus a flat or declining performance from other carmakers.
(Reuters reporting by Giulio Piovaccari, editing by Valentina Za.)
- DGCA slaps ₹10L fine on Go Air for leaving behind 55 passengers at B'luru airport
- Vedanta Q3 net profit drops 41% on higher input costs
- ED attaches 32 properties worth ₹70 crore in fraudulent TDS refund case
- RRR surpasses Cruise’s Top Gun 2 & Spielberg’s The Fabelmans in the top 10 movies of 2022
- Weekend OTTs: Ayushmann Khurrana’s ‘An Action Hero’ to ghost hunts with ‘Lockwood and Co’