Luxury sports carmaker Ferrari 2Q profits soar 14%

August 02, 2019 - 7:11 am

MILAN (AP) — Ferrari says second-quarter profits rose 14% on higher deliveries, driven by its Portofino and 812 Superfast brands.

The Italian luxury sports car manufacturer said Friday that net profit in three months to end-June came in at 184 million euros ($204 million), up from 160 million in the same period last year.

Net revenues were up nearly 9% at 984 million euros. Total shipments were 2,671, an increase of 8% over the previous year.

Sales dropped by 6% in the Americas to 803 vehicles due to model shifts in the 488 family. Europe and the Middle East, the largest market, grew by 11% to 1,195 vehicles.

Ferrari confirmed its full-year revenue targets of above 3.5 billion euros and earnings before tax and interest of between 1.2 billion and 1.5 billion euros.

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