Supercar sales help Ferrari’s profits speed past expectations
Share price of Italian firm – which plans to make electric and sports hybrid vehicles – hits record level as it sells out most models for 2018 and part of 2019
Ferrari’s profits have exceeded expectations after the Italian supercar manufacturer sold out most of its models for 2018 and a part of next year.
Sergio Marchionne, CEO of the Italian company, said its production was almost at full capacity for this year and part of 2019.
There was still availability only for the GTC4 Lusso family car, he told analysts last Thursday.
“Everything else is pretty well gone,” Marchionne said.
Ferrari shares advanced as much as 6.6 per cent to a record €112.25 Friday in Milan, giving the company a market value of €20.7 billion (US$24.7 billion).
They rose in the US last Thursday following the CEO’s comments, which came after the close of European trading.
The Maranello, Italy-based company, spun out of Fiat Chrysler Automobiles, earlier on Thursday had reported adjusted earnings before interest, taxes, depreciation and amortisation jumped 13 per cent to €272 million in the first quarter. That beat the €262 million average of eight analysts surveyed by Bloomberg.
Marchionne, who has also run Fiat for the past 14 years, is working on his final business plan for the sports car maker before he retires.