FERRARI PROFITS UP 12% FOR FIRST QUARTER 2014
Ferrari has announced that revenue is up 12% for the first three months of the year despite delivering 6% last cars than the first quarter of 2013. Company revenue hit $850 million with delivery of 1,699 models globally, 100 cars less than last year. Net profits soared to $75 million, a 5% increase over 2013.
Part of this success can be contributed to an ongoing strategy by Ferrari to produce fewer vehicles than demand requires. This technique was put in place to increase the value of both modern and vintage Ferraris. For the first quarter of 2014, Ferrari has reduced the number of units sent to Europe, Maranello’s second largest market. Another factor that has increased profits was the elimination of the entry level California.
Japan received twice as many cars in the first quarter 2014 with 128 units being delivered, 57 more than last year. Orders for mainland China, Hong Kong and Taiwan have grown 42% since January. The United States saw delivery of 494 models, an 8% increase.