Milan — Ferrari served up more proof the Italian super-car maker can push through headwinds that have beset much of the automotive industry, delivering a rise in first-quarter profit that beat the highest estimate. The brand, selling sleek and powerful cars sought after by the mega-rich, has long sought a spot next to other luxury goods makers such as Hermès and Prada. On Tuesday, it delivered a 14% jump in adjusted earnings earnings before interest, taxes, depreciation and amortisation (ebitda). Growth in deliveries from the entry-level Portofino model helped offset the end of the sales of the $2.1m LaFerrari Aperta. The shares have risen the most in three months. “Ferrari’s first-quarter results confirm it’s sailing far away from current automotive industry trends,” IG Markets analyst Vincenzo Longo said. Ferrari “is reaffirming itself as a luxury brand with a clear value added.” While Ferrari reported a jump in profits and steep rise in shipments, other car makers have struggled ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now