By David Sachs


Ferrari's profit and revenue jumped in the first quarter, beating forecasts as a favorable pricing and customization sales offset underwhelming car shipments.

The Italian luxury sports-car maker said Tuesday that it shipped seven fewer vehicles in the first quarter than it did a year prior, with a 20% drop in its China-focused region. Quarterly shipments of 3,560 trailed expectations by 57, Bernstein analysts said in a note.

But revenue, earnings and aftertax profit each grew at a double-digit rate, driven by pricing and more shipments in the higher-margin Americas region, Ferrari said.

At 1205 GMT, Ferrari shares were down 4.5% to EUR379.60.

"The fall in the stock price in the immediate aftermath of the earnings probably reflects some disappointment that Ferrari did not raise FY24 guidance, but historically Ferrari never does this at the 1Q stage," Bernstein analysts said in a note.

A bigger contribution from customizations--personal touches paid for by consumers--also aided growth, as did a richer product mix anchored by the Daytona SP3.

"Our value over volume strategy continues to be successful," said CEO Benedetto Vigna.

Aftertax profit rose 19% on year to 352 million euros ($379.1 million), ahead of the Visible Alpha consensus of EUR334.3 million.

Ferrari's net revenue finished the period at EUR1.585 billion, jumping 11% on growth from its cars, spare parts and sponsorship divisions. Revenue beat the Visible Alpha consensus of EUR1.57 billion.

The company's earnings before interest and taxes margin--a key metric for the high-end carmaker--was 27.9% compared with 26.9% a year prior. EBIT rose 15% to EUR442 million, and finished ahead of the Visible Alpha forecast of EUR437.8 million.

Ferrari backed its full-year guidance.


Write to David Sachs at david.sachs@wsj.com


(END) Dow Jones Newswires

05-07-24 0828ET