Ferrari's EBIT profit margin, a widely-watched figure, increased a full percentage point to 26.9%.
said on Thursday that its first-quarter profit jumped 24% to 297 million euros , on a 10% increase in shipments as huge demand for its latest models drove a surge in profitability.Ferrari's revenue and profit both solidly beat Wall Street's estimates, and the company maintained its upbeat guidance for the full year. Shares were up over 3% in premarket trading following the news., compared with Wall Street analysts' consensus expectations as reported by Refinitiv:1.
That was due in large part to a richer mix of models sold and an increase in "personalizations," the company's term for its lengthy options lists that can add hundreds of thousands of dollars to a new Ferrari's price. Ferrari has been encouraging more of its customers to take advantage of the extended options available as part of a broader effort to boost its profit margins.
Ferrari shipped 3,567 vehicles in the quarter, up 10% from a year ago. It said the increase in shipments was driven by high demand for its Portofino M convertible, the 296 GTB hybrid sports car, and the 812 Competizione, a limited-run even-faster version of its twelve-cylinder flagship, the 812 Superfast.
Despite the long waiting list, Vigna said that Ferrari has re-opened order books for its upcoming Purosangue, a V12-poweredwith a starting price of about $400,000. Ferrari had temporarily stopped taking orders for the Purosangue because of unexpectedly high early demand.
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