Ferrari powers to record production and profits

Ferrari has shown that status, style and superlative design can power through even stiff economic headwinds. As it approaches its 70th anniversary, the iconic brand announced record profits just a year after it was spun off from Fiat Chrysler.

Ferrari posted net profit of 400 million euros in 2016, a 38 percent increase over 2015, on revenues of 3.1 billion euros. It delivered 8,014 cars last year, its most ever.

By year’s end, stockholders were no doubt also thrilled with Ferrari’s acceleration. After a share price of €43 at its initial public offering to form the new Ferrari N.V., which is incorporated in the Netherlands, the stock fell 32 percent before rising back to hit €55 a share by year’s end, a 27 percent increase since its launch. Since its low point in late January 2016, the new stock almost doubled in a calendar year, according to the English-language website of Italy’s respected Il Sole 24 Ore newspaper.

Read the rest of the story at our English-language news portal for Italy.

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