Bulletin
Investor Alert

Associated Press

Aug. 2, 2019, 7:27 a.m. EDT

Ferrari profit climbs on higher deliveries of Portofino, 812 Superfast cars

By Associated Press


Getty Images
Sebastian Vettel of Germany and Ferrari looks on, on the drivers parade before the F1 Grand Prix of Germany at Hockenheimring on July 28, 2019.

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 (NYS:RACE) (MIL:IT:RACE)    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.

Link to MarketWatch's Slice.