Ferrari Q1 earnings rise 13% on V-12 sales

MILAN — Ferrari reported a 13 percent rise in first-quarter adjusted core earnings, helped by higher sales of its 12-cylinder models, and confirmed its outlook for the full year.

The automaker said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to 272 million euros ($326 million) in the quarter, while profit margins rose to 32.8 percent from 29.5 percent.

Net industrial debt fell to 413 million euros at the end of March, from 473 million euros three months earlier.

Global deliveries in the first quarter rose 6.2 percent to 2,128. Demand was driven by a 24 percent increase in sales of V-12 models, led by the 812 Superfast.

Sales of V-8 models were in line with the first three months of 2017, Ferrari said.

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