MILAN (Reuters) - Italian drinks group Campari (CPRI.MI: Quote, Profile, Research) turned in a 6.8 percent rise in first-quarter pretax profit and confirmed its mid to long-term guidance for 5 percent organic growth, boosting its shares.

Davide Campari-Milano SpA, best known for its bitter red aperitif, said pretax profit reached 40.1 million euros ($62 million) on sales down 2.9 percent to 190.9 million. At constant exchange rates sales fell 0.7 percent.

Shares were up 5.1 percent at 6.14 euros at 1517 GMT, with some analysts saying the figures were better than expected.

Campari had been expecting a softer first quarter due to depleted Skyy Vodka inventory ahead of the introduction of Skyy Infusion, the end of a contract to distribute Tequila 1800 and distributor changes required by the introduction of Cabo Wabo tequila and other brands in the United States.

"In a tougher environment, we are performing as planned," Chief Executive Bob Kunze-Concewitz said in a statement.

"Having executed important portfolio changes in the ... first quarter, we expect our business to build its momentum across key regions in the quarters ahead. Overall, our outlook for 2008 remains unchanged."

Campari, which said it adopted a new profit and loss format to be in line with competitors, said the overall change in consolidated sales resulted from organic growth of 1.3 percent and a negative exchange rate effect of 2.1 percent.

The end of the Tequila 1800 contract in the United States was partially offset by the brands Cabo Wabo, X-rated, Bowmore and Flor de Cana.

Earnings before interest, tax, depreciation and amortisation before one-off items rose 1.8 percent to 47.3 million euros.