August 2, 2019 / 10:10 AM / 3 months ago

Ferrari core earnings rise, shares down after no upgrade to guidance

MILAN, Aug 2 (Reuters) - Ferrari said on Friday its core earnings rose 8.7% in the second quarter, led by robust deliveries of its Portofino and 812 Superfast models, but shares in the Italian luxury carmaker slumped as it failed to lift its guidance.

Ferrari confirmed it would meet its targets for the full year, adding all its metrics were approaching the high end of its guidance.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop. Some analysts had been expecting an upgrade to the guidance after a strong start to the year. ($1 = 0.9011 euros) (Reporting by Giulio Piovaccari and Giancarlo Navach Editing by Keith Weir)

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