Ferrari profits rise as deliveries grow

AP News
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Posted: Aug 02, 2016 10:54 AM

MILAN (AP) — Sports carmaker Ferrari saw a 30 percent rise in second quarter profits as deliveries grew.

Ferrari, which spun off this year from its mass-market parent Fiat Chrysler, said Tuesday net profit for the three months through June was 97 million euros ($108 million), from 76 million euros in 2015.

Ferrari said the result was helped by stronger operating profit and lower tax rate, which offset charges for recalls related to Takata airbag inflators.

Volumes rose 8 percent to 2,214 vehicles, led by sales of 8 cylinder models of the newly launched 488 GTB and the 488 Spider. Europe and China recorded double-digit growth.

The group confirmed a 2016 outlook for shipments of around 8,000 units with operating profit above 800 million euros on more than 3 billion euros in revenues.