Investing.com -- Ferrari NV (BIT:RACE) has posted stronger-than-expected income in the first quarter, as the Italian sports car maker was boosted by an uptick in prices and an almost 10% rise in vehicle deliveries.
Adjusted earnings before interest, taxes, depreciation and amortization grew by 27% compared to the same period last year to €537 million (€1=$1.1067), topping Bloomberg consensus estimates of €509.4 million.
Total shipments during the three months ended on March 31 moved up to 3,567 units, an increase of 9.7% year-on-year. Solid demand in mainland China - the world's largest auto market - and the Americas helped offset a slowdown in Europe, Middle East, and Africa.
Revenues from cars and spare parts surged by more than 23% to €1.24B, which the Maranello-based brand said was partly due to higher volumes and "the contribution from personalizations and pricing." The unit drove total revenues up by 20.5% to €1.43B, beating projections of €1.38B.
Ferrari also confirmed its previously-raised 2023 guidance for adjusted core profit of €2.13 to €2.18 billion on net revenues of €5.7 billion, adding that price hikes will be needed to counter current cost inflation.
Milan-listed shares in Ferrari were in the green following the release of the results.