Ferrari beats on first-quarter earnings, stock surges

Ferrari

The Ferrari Portofino revealed.

• 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.)