Italian car maker Ferrari posted a 14% rise in the first quarter beating forecasts, the hike was driven by strong sales of their Portofino model.
The luxury carmaker increased shipments in all regions and Ferrari met all their full year targets. Following result on Tuesday, shares roared by as much as 5.7%.
The Milan listed company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for January to March, came in at €311m.
Net revenues soared by 13% to €940m well above the estimated forecast of €864m.
Louis Camilleri, chief executive of Ferrari said earlier this year has been “very bullish.”