May 3, 2018 / 10:36 AM / 2 months ago

Ferrari first-quarter core earnings rise 13 percent

MILAN (Reuters) - Italian sportscar maker Ferrari (RACE.MI) reported a better-than-expected 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.

FILE PHOTO: A Ferrari logo on a car is photographed at a car dealership in Singapore June 1, 2017. REUTERS/Thomas White/File Photo

The Maranello, Italy-based company said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to 272 million euros ($326 million) in the quarter, compared with a Thomson Reuters SmartEstimate of 261 million, 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. ($1 = 0.8344 euros)

Reporting by Agnieszka Flak, editing by Valentina Za

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