Ferrari Jumps After First-Quarter Profit Beats Expectations

(Bloomberg) -- Ferrari NV jumped the most in three months as the Italian supercar maker’s first-quarter profit beat forecasts.

Adjusted earnings before interest, taxes, depreciation and amortization rose 14 percent to 311 million euros ($348 million), Ferrari said in a statement Tuesday. That compares with an average analysts’ estimate of 279.2 million euros.

Shipments gained some 23 percent driven by Ferrari’s entry-level Portofino model with growth in all regions, to help offset the end of the sales run of the $2.1 million LaFerrari Aperta. The carmaker’s model mix and pricing is set to improve in the second half of the year with first sales of the Monza supercar.

Ferrari rose as much as 5.7 percent, the most since Jan. 31, and was up 5.3 percent at 124.70 euros at 12:49 p.m. in Milan trading. The shares have gained 44 percent since the start of the year.

The rise in profit shows CEO Louis Camilleri is getting traction on a target to generate 2 billion euros in adjusted Ebitda no later than 2022. Camilleri is planning more profit-boosting limited-edition sports cars to reach this goal, and will unveil a record five new models in the coming months. This also includes the manufacturer’s first industrialized hybrid car due at the end of this month, Camilleri said at the Geneva car show in March.

Part of the boost to shipments stemmed from accelerated deliveries to China ahead of new emission regulations, Ferrari said. Shipments to Mainland China, Hong Kong and Taiwan rose 79 percent to 328 vehicles, while total deliveries stood at 2,610 cars.

©2019 Bloomberg L.P.