Ferrari profits rise in second quarter as sales grow

By Associated Press

Sports carmaker Ferrari saw an 18 percent rise in second-quarter profits as deliveries continued to grow.

Ferrari said Wednesday that its net income for the three months through June was 160 million euros ($187 million), up from 136 million euros in the same period a year earlier. Sales volumes grew 5 percent to 2,436 vehicles.

The company confirmed its 2018 outlook for shipments of around 9,000 units with operating profit above 1.1 billion euros on more than 3.4 billion euros in revenues.

Ferrari also said it would go ahead with the announcement of a new business plan at its headquarters in Maranello, Italy, next month, led by its new CEO, Louis Camilleri. Camilleri was appointed June 21 to replace Sergio Marchionne, who died last week after complications from surgery.

This article provided by NewsEdge.