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Ferrari headed for record sales - report

2016-08-02 17:38

GREAT YEAR SO FAR: Ferrari reports it's headed for record profits in 2016, recording its best quarterly results yet. Image: Quickpic

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Milan - Italian sportscar maker Ferrari said on  Tuesday it's headed for a record net profit in 2016 after posting its best-ever quarterly results.

The luxury automaker said in a brief statement: "A record second quarter, on the way to another record year." 

Net profit grew 29% in the three months to June to €97-million euros on sales of €811-million, up 5.9%.

2214 Ferraris sold

The results beat forecasts by analysts who had been looking for net profit of €85-million and sales of €785-million, according to consensus data compiled by Factset.

Ferrari delivered 2214 cars in the second quarter, up 8% from the year-earlier period.

Unit sales to China alone rose by 26% to 160.

Ferrari is now looking to sell more than 8000 vehicles over the full year and to generate sales of more than three billion euros.

Ferrari shares, which had been trading lower in Milan ahead of the announcement, were up 1.7% at €41.17 in late afternoon, bucking a sharply weaker overall market trend.


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