Ferrari is on a tear

Ferrari reported first-quarter earnings in Thursday.

The results, according to Reuters, were a “better-than-expected 36 per cent rise.”

Ferrari made 242 million euros in Q1, “above a Thomson Reuters SmartEstimate consensus of 222 million euros,” Reuters said.

The topline was 821 million euros, which came in above expectations of 767 million euros.

Reuters said that Ferrari was “helped by sales of its 12 cylinder models such as the GTC4Lusso and the newly-launched LaFerrari Aperta hybrid convertible.”

Ferrari shares were up 3% in pre-market action on Thursday, to $US79. (Ferrari reports in euros but is traded in US dollars on the NYSE.)

Over the last 12 months the carmaker, which was spun off from Fiat Chrysler Automobiles in a 2015 IPO, has seen its stock rise over 70%, making it the best performer in the sector. It is even outpacing Tesla, which has seen a huge rally in its own shares since the beginning of 2017.

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