By Associated Press
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 /zigman2/quotes/208128355/composite RACE +0.48% /zigman2/quotes/200586103/delayed IT:RACE -0.13% 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.