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4 months ago
Ferrari first-quarter beats expectations, shares rise 3 percent
May 4, 2017 / 10:19 AM / 4 months ago

Ferrari first-quarter beats expectations, shares rise 3 percent

FILE PHOTO: A Ferrari 812 Superfast is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 7, 2017.Arnd Wiegmann

MILAN (Reuters) - Italian luxury sportscar maker Ferrari (RACE.MI) reported a better-than-expected 36 percent rise in first-quarter core earnings on Thursday and confirmed its full-year guidance, lifting shares up more than 3 percent.

Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in January-March rose to 242 million euros ($265 million), above a Thomson Reuters SmartEstimate consensus of 222 million euros.

Quarterly revenues were up 22 percent to 821 million euros, above expectations of 767 million euros, helped by sales of its 12 cylinder models such as the GTC4Lusso and the newly-launched LaFerrari Aperta hybrid convertible.

Reporting by Agnieszka Flak, editing by Valentina Za

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