By Giulio Piovaccari
MILAN (Reuters) -Ferrari reported a 15% rise in first-quarter core earnings on Tuesday and stuck to its broad financial guidance for the year, despite a string of automakers scrapping forecasts due to U.S. President Donald Trump’s tariffs.
The Italian luxury sports car maker warned U.S. tariffs could cut 50 basis points off its 2025 profit margins.
But it still kept its forecasts, including for full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) of at least 2.68 billion euros ($3.04 billion) and an EBITDA margin of at least 38.3%.
Bernstein analysts said that was a sign of confidence at a time when the likes of Mercedes, Ford and Stellantis have suspended guidance.
“Ferrari stands out,” the analysts said in a note.
Milan-listed shares in the company reversed earlier losses after results were published, and were up 1.1% at 1255 GMT.
In the first quarter, Ferrari’s core earnings amounted to 693 million euros, close to analysts’ consensus forecast of 689 million euros in a Reuters poll.
The result was driven by a pricier lineup, including the SF90XX family, the 12Cilindri and the 499P Modificata models, as well as increased demand for personal touches requested by buyers and from more profitable markets, driven by the Americas.
Shipments were little changed in the quarter at 3,593 cars, “underscoring a strong profitability”, Chief Executive Benedetto Vigna said.
“We continue to enrich our product offering,” he added,
Ferrari last week unveiled the new 296 Speciale plug-in hybrid model and its convertible version, and has promised a total of six new models this year.
They will include Ferrari’s first ever full-electric car, expected at the beginning of October.
($1 = 0.8835 euros)
(Reporting by Giulio Piovaccari. Editing by Louise Heavens and Mark Potter)
