Net profit grew 18% to EUR 160 million or EUR 0.85 per share. Higher volumes and mix/price drove the results, which was positively impacted by a strong performance from V12 models and pricing rises along with the first deliveries of the strictly limited edition Ferrari J50.
Total shipments advanced 5.6% to 2,463 units, fuelled by a 22.6% growth in sales of the V12 models. The shipments of V8 models moved up 1%. Shipments in the EMEA region grew 7.2% while the Americas rose 6.6%. China, Hong Kong, and Taiwan, on a combined basis, grew by about 26% and the rest of APAC declined 8%.
Revenues from Cars and spare parts inched up 0.2%, helped by higher volumes led by the 812 Superfast, the 488 and the GTC4Lusso families as well as the first deliveries of the newly launched Ferrari Portofino. Engines revenue plunged about 20%. The division saw a decrease in sales to Maserati due to lower engine volumes.
Sponsorship, commercial and brand revenues were up 2%, helped by an increase in sponsorship and higher 2017 championship ranking compared to 2016, partially offset by lower sales generated by brand-related activities and FX.
Ferrari, which is expected to introduce hybrid cars in 2019, targets net revenues for the full year of 2018 to exceed EUR 3.4 billion. Shipments are expected to be more than 9,000 units, including supercars. Capital expenditures for the year are still likely to come to around EUR 550 million.
Last week, the US automaker General Motors (GM) reported better than expected results for its second quarter, while Ford Motors (F) posted weaker than predicted results. Fiat Chrysler (FCAU), which spun off from Ferrari in 2016, reported an unexpected 35% dip in profit for the second quarter due to weaker performance in China.
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