Ferrari's share price fell on Tuesday on the Milan Stock Exchange following the publication of its results, the absence of an increase in its annual guidance being a disappointment after a better-than-expected performance in the first quarter.

The Italian luxury carmaker reported a 12.7% increase in adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) to 605 million euros for the January-March period, compared with the 596 million expected on average by analysts.

Sales rose by 10.9% to more than 1.58 billion euros, thanks to a positive price/mix component that more than offset broadly stable deliveries of 3,560 units.

The consensus was for sales of 1.55 billion euros.

For the full year, the Maranello-based group is still targeting annual sales of more than 6.4 billion euros and adjusted EBITDA of at least 2.45 billion euros.

However, some investors seemed to be expecting the company to raise its targets, as is its wont.

'We believe that the group could raise its forecasts at the end of the second or third quarters', commented analysts at RBC. The first quarter is still too early for that," moderates the Canadian broker.

Following this publication, Ferrari shares were down by around 5% early Tuesday afternoon in Milan. The stock is also listed on Wall Street.

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