Need for speed: Ferrari revs up record quarter on strong supercar sales

 
Rebecca Smith
The car giant announced a record quarter
The car giant announced a record quarter (Source: Getty)

Italian car giant Ferrari purred to a better-than-expected 36 per cent rise in first quarter core earnings yesterday, sending shares higher.

Quarterly revenues rose 22 per cent to €821m (£698m). Sales in Europe grew by nine per cent.

Read more: Here's what happens when you're pulled over in a Ferrari GTC4Lusso T

Ferrari said its bumper quarter was driven by a 50 per cent increase in sales of its 12 cylinder models.

It did though, say that was “partially offset” by the eight cylinder models, down three per cent.

The likes of the GTC4Lusso and the new €1.86m LaFerrari Aperta hybrid convertible, which sold out last year before its official debut, have proven particularly popular, as the luxury car maker continues to tap into the demand for pricey supercars.

Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) in January to March rose to €242m, above a Thomson Reuter consensus of €222m, and confirmed its full-year guidance.

It is targeting €950m in adjusted earnings and is on track to sell 8,400 cars this year.

Ferrari closed up 5.6 per cent at €73.65 in Milan trading.

Read more: Ferrari shares driven to new high after Vettel's F1 triumph

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