MILAN — Ferrari’s core earnings rose 27 percent to 537 million euros ($594 million) in the first quarter on increased shipments.
Results were driven by sales of the Portofino M, the 296 GTB and the 812 Competizione models, as well as pricing capacity, the company said in a statement on Thursday.
CEO Benedetto Vigna said demand for Ferrari’s cars stretched into 2025.
Ferrari had decided to reopen orders for its new Purosangue, which had been suspended “due to an initial unprecedented demand,” Vigna said.
Ferrari unveiled the Purosangue in September. The high-riding, four-door car looks more like an SUV than the company’s traditional portfolio of low-slung, two-door sports cars. The move is expected to broaden Ferrari’s customer base.
Deliveries of the 390,000-euro Purosangue are due to start in the current quarter.
Ferrari, which unveiled the Roma Spider in March, has promised a total of four new models this year.
Ferrari’s margin on adjusted EBITDA grew by 2 percentage points compared to the same quarter of last year, to 37.6 percent.
Revenue was 1.43 billion euros.
Ferrari has been hiking the prices of some of its models with its wealthy clientele less acutely affected by soaring inflation and rising interest rates.
The company is preparing to shift to electric vehicles and turn its historic factory in northern Italy into a hub for battery-powered cars.
The first full-electric Ferrari is expected in 2025 and battery-only as well as plug-in hybrid models are slated to dominate the company’s portfolio in the second half of the decade.
Hybrid cars made up 35 percent of shipments during the first quarter, the company said.
“Ferrari’s transition to an electrified future may increase its average transaction price and augment its mammoth 154,000-euro Ebitda per vehicle as ICE based products become specials,” Bloomberg Intelligence analyst Joel Levington said last month.
Bloomberg contributed to this report