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Europe

Ferrari posts record first quarter on V12 sales

Associated Press
Published | Updated
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FILE - In this May 8, 2013 file photo a Ferrari logo is displayed on a wheel at the Ferrari factory in Maranello, Italy. Luxury Italian sports carmaker Ferrari has announced a record first quarter as sales of its V12 models boosted profits by 60 percent. (AP Photo/Marco Vasini, files) (The Associated Press)

MILAN – Luxury Italian sports carmaker Ferrari has announced a record first quarter as sales of its V12 models boosted profits by 60 percent.

Ferrari, based in the northern Italian city of Maranello, on Thursday announced net profits of 124 million euros ($136 million) in the first quarter, up from 78 million euros a year earlier.

Revenues were up by 22 percent to 821 million euros, with shipments growing by 6 percent to 2,003 units. Deliveries of 12-cylinder V12 models rose by half.

Sales in Europe grew by 9 percent, powered by double-digit sales in Germany, France, Italy and Britain, while deliveries rose 4 percent each in the Americas and the Asian Pacific, which excludes greater China, where sales were up 3 percent.