Luxury sports car maker Ferrari said on Thursday its core earnings rose 27% in the first quarter of this year on increased shipments driven by the Portofino M, the 296 GTB and the 812 Competizione models, as well as pricing capacity.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at 537 million euros ($594 million) in the January-March period, topping analyst expectations of 508 million euros, according to a Reuters poll.

Milan-listed shares in the company turned positive after results were published and by 1105 GMT were up 2.7%. ($1 = 0.9043 euros) (Reporting by Giulio Piovaccari Editing by Keith Weir)