Italian sports carmaker Ferrari N.V. (RACE) reported net revenues of EUR 831 million for the first quarter of 2018, modestly up by 1.3% from the prior year period. Net profit grew 19.4% to EUR 149 million or $0.78 per share. The stock inched up about 0.5% in NYSE at 10:30 AM ET today.
Total shipments advanced 6.2% to 2,128 units, fuelled by a 23.5% increase in sales of the V12 models. The shipments of V8 models were in line with the prior year. Shipments in the EMEA region grew around 6.7% while the Americas rose 4.4%. China, Hong Kong and Taiwan, on a combined basis, grew about 14% and the rest of APAC was up around 4%.
Revenues from Cars and spare parts were improved 5.2%, helped by higher volumes led by the 812 Superfast as well as the 488 and the GTC4Lusso families. Engines revenue plunged about 27%. The division saw a decrease in sales to Maserati due to lower engine volumes and a different production schedule.
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 FX. Other revenues surged 35% primarily due to the Ferrari Financial Services.
Ferrari, which is expected to introduce hybrid cars in 2019, targets net revenues for the full year of 2018 to be EUR 3.4 billion. Shipments are expected to total 9,000 units, including supercars. Capital expenditures for the year are expected to come to around EUR 550 million.
In February, the Group announced that it had selected the 88th edition of the Geneva International Motor Show for the world premiere of the Ferrari 488 Pista, the successor to Ferrari’s V8-engined special series.
Last week, the US automakers Ford Motors (F) and General Motors (GM) reported better than expected results for their first quarter. Fiat Chrysler (FCAU), which spun off from Ferrari in 2016, reported record profits for its first quarter, helped by strong demand in jeeps and debt reduction.
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