Ferrari posts record 1Q profits of 149 million euros

Italian super sports carmaker Ferrari says first-quarter profits rose by 19 percent to a record 149 million euros ($178 million), fueled by sales of the 812 Superfast, the 488 and GTC4Lusso families.

The carmaker said shipments were up 6.2 percent to 2,128 units, with Europe and the Middle East the largest single market with 1,103 units followed by the Americas with 569 units — both showing single-digit improvement. Sales in greater China were up 14 percent to 183 units.

Net revenues grew by just 1 percent, to 831 million euros, with the negative impact of model phase-outs, including the California T, partially offset by higher revenues for personalization.

Ferrari confirmed the 2018 forecasts of net revenues of 3.4 billion euros and shipments of above 9,000 units.