MARANELLO, Italy (AP) _ Ferrari NV (RACE) on Tuesday reported first-quarter profit of $247.1 million.
On a per-share basis, the Maranello, Italy-based company said it had net income of $1.34.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The luxury sports car maker posted revenue of $1.22 billion in the period.
Ferrari shares have declined 5% since the beginning of the year. The stock has increased 46% in the last 12 months.
