By Dominic Chopping
Ferrari backed its full-year guidance as it started shipping several new models and saw increased demand for car customizations in the first quarter.
The Italian luxury sports-car maker reported adjusted earnings before interest and taxes--one of its preferred measures of profitability--of 548 million euros ($640.7 million), up slightly from 542 million euros in the same quarter last year as revenue rose 3.2% to 1.85 billion euros.
A FactSet analyst poll had forecast adjusted EBIT of 549 million euros on revenue of 1.83 billion euros.
It shipped 3,436 vehicles to customers in the quarter, 157 fewer than a year earlier, with the company noting that it had planned a lower number of deliveries as it ramps up production of some new models. A FactSet poll had expected deliveries of 3,473 cars.
Ferrari also echoed recent comments from several other European automakers who have in recent weeks confirmed little to no impact from the war in Iran.
"Total deliveries were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions," it said in a statement.
The company still expects to report full-year revenue of around 7.5 billion euros, with adjusted EBIT of at least 2.22 billion euros and a margin of at least 29.5%.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
05-05-26 0740ET
