Ferrari Q1 core earnings are up 27% after reopening Purosangue orders. On Thursday, Ferrari (RACE.MI) reported 27% growth in first-quarter core earnings, exceeding expectations.
“Our order book already extends into 2025 with an award-winning product portfolio,” Chief Executive Benedetto Vigna said. Ferrari was resuming orders for its Purosangue four-door, four-seater, which had been stopped owing to “unprecedented” demand.
The 390,000-euro 12-cylinder petrol automobile, unveiled last year, will begin deliveries this quarter.
Ferrari will restrict sales below 20% of total group shipments during the car’s life to maintain exclusivity.
In March, the business introduced the Roma Spider.
According to a Reuters poll, first-quarter adjusted profits before interest, tax, depreciation, and amortization (EBITDA) were 537 million euros ($594 million), above expert forecasts of 508 million euros.
By 1230 GMT, Ferrari’s Milan-listed shares had recovered 3.3%.
The Portofino M, 296 GTB, and 812 Competizione models drove higher shipments and pricing capacity. The company said it mainly reflected increased personalizations, a richer product mix, and a positive country mix sustained by the Americas and Mainland China, Hong Kong, and Taiwan.
Ferrari’s “extremely strong” product mix, demonstrated pricing strength, and large order book saved the business from recession-driven order cancellations, Bernstein analysts said.
Ferrari, which promises a completely electrified car in 2025, maintained its full-year predictions, but Bernstein analysts anticipated them to be boosted later in the year.
Vigna said the company’s electrification ambitions were “on track” for Maranello’s vehicle development and manufacturing facilities.
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