If numbers don’t lie, Ferrari’s recent financial performance shows that this car company is racing forward.
Last October 28, Ferrari announced in Maranello, Italy its consolidated net revenues and preliminary results for the third quarter (Q3) ending September 2015.
Ferrari’s shipments were up by 21 percent in Q3 2015, driven by a 33 percent increase in sales of its 8-cylinder models—specifically the 488 GTB, California T, and 458 Speciale A.
While sales in the greater China market contracted by 24 percent (compared to Q3 2014), other markets experienced year-on-year increase. Europe, the Middle East and Africa increased by 16 percent; Americas by 30 percent, and Asia Pacific by 63 percent.
Net revenues for Q3 2015 were Euro 723 million, an increase of Euro 61 million or 9 percent (from Euro 662 million in Q3 2014). In addition, Ferrari achieved higher net revenues in cars and spare parts (Euro 75 million, up 16 percent). The increase was also supported by higher sales of Ferrari’s limited edition supercar LaFerrari and special racing car FXX K.
Overall, Ferrari’s net profit for Q3 2015 was Euro 94 million, up Euro 36 million (up 62 percent).
While some economists worry about a looming world economic slowdown, it seems that industries focused on luxury and high-quality goods are not losing propositions.
Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars.
The Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history.
From the inaugural year of Formula 1 in 1950 through the present, Scuderia Ferrari has won 224 Grand Prix races, 16 Constructor World titles and 15 Drivers’ World titles, including most recently the Constructor World title in 2008. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.
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Karen Jimeno is a junior partner at Jimeno Cope & David Law Firm and a law professor. She hosts LegalHD on CNN Philippines Tuesdays at 9:30PM. She graduated from UP Law School and Harvard Law School, and is licensed to practice law in the Philippines and in New York.