Ferrari's Profit Rose 8%, but Sales Growth Slowed
Italian supercar manufacturer Ferrari (NYSE: RACE) said that its adjusted operating profit rose 10% from a year ago to 239 million euros ($264 million), on an 8% increase in global shipments driven primarily by demand for eight-cylinder models.
Ferrari also confirmed most of its previous guidance for the full year, raising only its cash-flow expectation. But some analysts had expected a more dramatic upgrade to guidance, and shares fell in early trading after the news was released.
Worldwide demand for Ferrari's V-8-powered Portofino convertible remained high in the second quarter. Image source: Ferrari.
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