We were surprised by one. The other not as much.
It's safe to say Ferrari is doing extremely well these days, despite some factors it has zero control over, such as the US-China trade dispute and a slowing Chinese market in general. Does this mean Ferrari is bulletproof against a slow economy? Not at all, but it appears to be holding up quite well. The Italian supercar company has just released its second-quarter earnings report, which reveals an 8.7 percent rise in earnings.
Ferrari also confirmed it will meet its targets for the full 2019 year despite a drop in shares because it failed to lift its guidance, meaning it did not indicate to its shareholders' projected future performance. Total shipments rose by 208 cars compared to the year prior, equivalent to 8.4 percent. There was also a 12.3 percent increase in V8 models but a 3.3 percent decrease for those packing a V12.
Interestingly, however, the increase in shipments was mainly driven by two models, the Portofino and 812 Superfast. There was also a ramp-up in deliveries of the 488 Pista and the first deliveries of the 488 Pista Spider. Both were partially offset by the "standard" 488 GTB and 488 Spider, both of which are nearly at the end of their production lifecycles.
Also noteworthy was a shift in the geographical mix in favor of Mainland China thanks to the decision to accelerate deliveries in advance of upcoming new emissions standards and lower shipments to the US. With adjusted earnings before interest, tax, depreciation, and amortization came to 314 million euros, or about $348 million from the April to June period.
As far as Ferrari's current two best sellers, we have to say we're more surprised by the 812 Superfast, especially given the slight overall decrease in V12 model sales, which can likely be attributed to the GTC4 Lusso. The Portofino's success was very much expected. Although it's not considered by Ferrari to be entry-level, it can still be the least expensive model in the current lineup, depending on how it's optioned.
With a total of 591 horsepower and 561 lb-ft of torque and a starting price of around $215,000, the Portofino is anything but entry-level. It's still a true supercar for those not willing or able to fork over more than $300,000 for the 800 hp and 530 lb-ft of torque 812 Superfast.