Italian luxury carmaker Ferrari posted better-than-expected quarterly earnings on Tuesday, helped by strong demand for its supercars from Europe and China and margins strengthened by special edition and personalised models.
The company which was spun off from Fiat Chrysler Automobiles at the start of the year, confirmed its full-year profit guidance, adding it was on track for another record. Chief Executive Sergio Marchionne said the full-year forecasts were "the minimum points" expected and predicted a "phenomenal 2016". Some analysts have said they expect Ferrari to raise its guidance before the year is over.
Its New York-listed shares rose nearly 3 percent to touch their highest levels since January but were still short of its IPO price of $52.
Supercar deliveries in the quarter rose 8 percent to 2,214 vehicles, helped by strong sales of Ferrari's 8-cyclinder models, especially the newly launched 488 GTB and 488 Spider.Also Read: McLaren Sets Sales Record, Expects It to Triple by 2020
Sales of 12-cylinder vehicles fell with the end of its limited series 1 million Euro ($1.1 million) LaFerrari hybrid offer, though this was partly offset by the introduction of the new limited-edition F12tdf supercar.
Marchionne has sought to position Ferrari as a luxury goods business to win the trading multiples of companies such as Hermes and Prada and intends to expand the brand beyond cars.
More details of that strategy will be unveiled next year.Also Read: Lamborghini Hits Record Sales, Says Mostly Because of Huracan
Until then, the CEO pledged to boost earnings by introducing more limited-edition vehicles like the convertible version of the LaFerrari to be shown at the Paris car show in October, and more personalised versions to woo the super-rich. Ferrari expects to ship around 8,000 vehicles this year, part of Marchionne's goal to gradually raise volumes to 9,000 by 2019 without sacrificing brand exclusivity.
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