Ferrari reported a double digit rise in first quarter profits but its shares slid
Ferrari reported a double digit rise in first quarter profits but its shares slid AFP

Italian luxury carmaker Ferrari on Tuesday posted a double digit rise in both profits and sales for the first quarter of 2024, and confirmed its full-year guidance.

Net profit increased by 19 percent to 352 million euros ($379), more than expected by the consensus of Factset analysts who were counting on 335 million euros.

Revenue increased by 11 percent to 1.58 billion euros, in line with analysts' expectations.

However, Ferrari's shares on the Milan stock exchange fell by 4.7 percent amid a sense among some analysts that the firm's annual objectives are not sufficiently ambitious.

For the whole of 2024, the group continues to expect revenue growth of more than 7 percent to more than 6.4 billion euros and gross operating income, or EBITDA, to rise by a similar amount 2.45 billion euros.

Ferrari delivered a total of 3,560 cars worldwide between January and March, seven fewer than in the same period in 2023.

"The start of the year was very positive," commented chief executive Benedetto Vigna, adding: "Our value over volume strategy continues to be successful."

Vigna highlighted the "enrichment of our product range" thanks to the launch of the two-seater 12Cilindri and the 12Cilindri Spider.

By 2026, the manufacturer is banking on revenue riseing to 6.7 billion euros, a goal Ferrari intends to achieve by launching 15 new models between 2023 and 2026.

Deliveries in the first quarter were driven by the 296 family models, the Purosangue SUV and the Roma Spider. Deliveries of limited-edition Daytona SP3 from the Icona range also increased.

Europe, the Middle East and Africa remained Ferrari's main market in the first quarter, with 1,573 vehicles delivered, up three percent.

Deliveries increased by four percent in the Americas -- but fell by one fifth in the China, Hong Kong and Taiwan region.

Sponsorship and brand revenues increased by 12 percent to 145 million euros, mainly due to new sponsorships.

Ferrari announced in February the arrival in 2025 of seven-time Formula 1 world champion Lewis Hamilton from Mercedes.