Ferrari 2017 profits soar as sales near 8,400 vehicles

MILAN – Italian sports car maker Ferrari says profits last year rose 34 per cent, driven by a surge in V12 sales and vehicle personalization.

Ferrari on Thursday reported 2017 net profit of 537 million euros ($669 million), up from 400 million euros the previous year. Shipments last year rose by 5 per cent to 8,398 vehicles, while net revenues increased 10 per cent to 3.4 billion euros.

Ferrari aims to top 9,000 vehicles shipments this year and is forecasting revenues above 3.4 billion euros.

The carmaker said fourth-quarter profits rose by a quarter to 136 million euros on a 1 per cent increase in revenues to 840 million euros. Shipments rose 4 per cent to 2,017.

Sales were flat only in China, Taiwan and Hong Kong, due to a decision to terminate the Hong Kong distributor.