MILAN, May 7 (Reuters) - Ferrari said on Tuesday its core earnings rose 13% in the first quarter of the year but its shares fell as the luxury sports car maker failed to excite investors despite what its CEO called a "very positive" start of the year.

The Italian company said its quarterly results were boosted by pricing power, the mix of product sales, and a greater contribution from personalised vehicles. It also cited rising deliveries of its 2 million euro ($2.2 million) limited-series Daytona SP3 model.

Chief Executive Benedetto Vigna said Ferrari had produced double-digit growth for both revenue and profits despite stable car deliveries.

"This was achieved through an even stronger product and country mix as well as a greater contribution from personalisation," he said in a statement.

"Our value over volume strategy continues to be successful".

Ferrari's adjusted earnings before interest, tax, depreciation and amortisation reached 605 million euros in January-March, in line with analyst expectations in a Reuters poll.

Shipments, however, fell by seven units to 3,560, dragged by a 20% drop in the China, Hong Kong and Taiwan region.

Ferrari, whose Milan-listed shares turned negative after the results, confirmed its forecast for full-year adjusted EBITDA to increase to at least 2.45 billion euros in 2024.

At 1140 GMT, the shares were down 5.8%.

($1 = 0.9291 euros) (Reporting by Giulio Piovaccari; Editing by Gianluca Semeraro and Mark Potter)