Stock Alert: Ferrari Slips 5% Despite Higher Q1 Results

(RTTNews) - Shares of Italian luxury sports car manufacturer Ferrari N.V. (RACE) are trading down 5 percent on Tuesday despite the company posting higher results in the first quarter.

The company reported net profit of 206 million euros or 1.11 euros per share, up from 166 million euros or 0.90 euro per share in the same period last year. EBITDA was 376 million euros, up 18.6 percent from a year ago. Quarterly net revenues were 1.01 billion euros, up 10.8 percent on a constant currency basis. Shipments totaled 2,771 units, up 33 units or 1.2 percent from last year. The stock is currently trading at $205.02, down $12.96 or 5 percent on the NYSE.

RACE has traded between $150.97 and $233.66 in the past 52 weeks.