Ferrari’s Q1 earnings rose 27% on higher sales, strong pricing

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 a crossover 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 2 percentage points to 37.6 percent, compared to the same quarter last year.

Revenue was $1.5 billion.

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.