Italian luxury carmaker Ferrari reported a 4.7 percent surge in its earnings for the third quarter this year. The company credited the increase towards positive performance from across its markets and strong sales of V8 models.
Adjusted earning exclusive of interest, tax, depreciation and amortization for the July-September period rose to $316 million from $305 million. However, the company roughly recorded a flat in sales at $954 million.
The Italian Premiere’s vehicle sales grew by 11 per cent and were majorly contributed to the demand for V8 models, spearheaded by the Ferrari Portofino. Sales of V12 models, led by the 812 Superfast, rose 7.9 percent.
The supercar maker that currently operates under Fiat Chrysler Automobiles has reported record earnings that were supplemented by its special edition models and a customization program.
After the death of Ferrari’s renowned leader Sergio Marchionne in July, investors have been laid back and are looking for reassurance the company can maintain its strong growth achieved under the late boss.
This quarter’s results prove to be the Ferrari’s current boss Louis Camilleri’s second set who took over in July after Marchionne’s death. However, after Camilleri took over as the company’s leader, the investors welcomed a midterm plan that was presented in September. The plan called for a total of 15 new models including hybrids, an SUV and special editions in a drive to almost double earnings to between 1.8 and 2 billion euros by 2022.