Ferrari confirms full-year target as core earnings rise

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MILAN — Ferrari said on Friday its core earnings rose 8.7 percent in the second quarter, led by robust deliveries of its Portofino and 812 Superfast models, but shares in the Italian luxury carmaker slumped as it failed to lift its guidance.

Ferrari confirmed it would meet its targets for the full year, adding all its metrics were approaching the high end of its guidance.

Adjusted earnings before interest, tax, depreciation and amortization was 314 million euros ($348 million) in the April-June period, up from 290 million euros ($321.9 million), in line with analyst expectations, according to a Reuters survey.

Shipments in the quarter were up 8.4 percent to 2,671.

Trading in Milan-listed shares was halted for excessive declines after a 6.9 percent drop. Some analysts had been expecting an upgrade to the guidance after a strong start to the year.

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