Shares of Ferrari (RACE - Get Report) raced higher on Tuesday after the Italian luxury race car maker reported better-than-expected first-quarter earnings and reaffirmed its full-year guidance.

Net income for the first quarter was an adjusted €180 million ($201 million), or 95 cents a share, vs. €149 million, or 78 cents a share, in the comparable year-earlier quarter. Revenue increased €940 million vs. €831 million a year ago.

Ferrari's Portofino was the company's strongest seller in the first three months of 2019. Source: Ferrari
Ferrari's Portofino was the company's strongest seller in the first three months of 2019. Source: Ferrari

Adjusted earnings before interest, tax, depreciation and amortization, or EBITDA, came in at €311 million in the January-March period, Ferrari said on Tuesday, above the average forecast of €284 million expected by analysts surveyed by Reuters.

Shipments totaled 2,610 units in the first quarter, up 482 units, or 23%,  from the year-earlier quarter, the company said, driven higher in large part by demand for the company's stunning Portofino two-seater convertible reminiscent of the car maker's classic roadster models. 

This was partially offset by lower volume from the 488 family, with the 488 GTB and the 488 Spider approaching the end of their life-cycles, the 488 Pista ramping up and the 488 Pista Spider yet to arrive on the market.

Shares of Ferrari tore higher at the market open on Tuesday, rising nearly 5% to $137.97 on the New York Stock Exchange.