Ferrari’s new tab core earnings rose 13% in the first quarter, but its shares fell on Tuesday as the luxury sports car maker confirmed its full-year forecasts, failing to excite investors despite what its CEO called a “very positive” start of the year.

The Italian company said its quarterly results were boosted by pricing power, the mix of product sales, and a greater contribution from personalised vehicles. It also cited rising deliveries of its 2 million-euro ($2.2 million) limited-series Daytona SP3 model.

Chief Executive Benedetto Vigna said Ferrari had produced double-digit growth for both revenue and profits despite stable car deliveries.

“This was achieved through an even stronger product and country mix as well as a greater contribution from personalisation,” he said in a statement.

“Our value over volume strategy continues to be successful.”

Analysts at Bernstein said in a note Ferrari’s results were of “a high quality”.

“These results clearly demonstrate how mix and pricing are going to be the principal drivers of margin development as we enter the second part of Ferrari’s 2022-26 plan,” they said.

Ferrari’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached 605 million euros in January-March, in line with analyst expectations in a Reuters poll.

Shipments fell by seven units to 3,560, dragged by a 20% drop in the China, Hong Kong and Taiwan region.

Ferrari, whose Milan-listed shares turned negative after the results, confirmed its forecast for full-year adjusted EBITDA to increase to at least 2.45 billion euros in 2024.

The fall in share price “probably reflects some disappointment that Ferrari did not raise FY24 guidance,” Bernstein said.

At 1210 GMT, the shares were down 4.4%. However, they remain close to their all time high for 410 euros, touched at end-March, after rising around 50% since last September.