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Ferrari’s Net Profit Jumps 18%
Ferrari NV says its revenue slipped 2% in the second quarter, but adjusted net profit surged 17%.
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Ferrari NV says its revenue slipped 2% to €906 million ($1.6 billion) in the second quarter, but adjusted net profit surged 17% to €159 million ($185 million).
The supercar company shipped 2,500 cars in April-June compared with 2,300 in the same period last year. The carmaker reports that its profit margin in the second quarter grew to 31.9% from 29.4% in the same period of 2017.
Ferrari affirms its performance outlook for the current year. The company expects to ship more than 9,000 cars, generate revenue greater than €3.4 billion and post adjusted earnings before interest, taxes, depreciation and amortization of at least €1.1 billion.
In February, Ferrari predicted it will double its core earnings to €2 billion by 2022. The company plans to present its strategy to do so during a two-day analysts session in mid-September.
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