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Ferrari's shipments rise on 12-cylinder model sales

Ferrari NV's net income for the fourth quarter of 2017 rose 21.6% from a year earlier as shipments increased by 33.3% in China, Hong Kong and Taiwan and by 14.6% in the rest of Asia Pacific.

The manufacturer of performance sports cars reported net profit of €135 million, or 71 euro cents per share, for the fourth quarter of 2017, up from €111 million, or 59 cents per share, in the year-ago quarter. The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 67 cents.

Adjusted net profit for the quarter was €136 million, or 71 cents per share, up from €130 million, or 69 cents per share, in the prior-year quarter.

Net revenues edged up 0.5% year over year to €840 million from €836 million. Shipments increased 4% to 2,017 units from 1,940 units, driven by a 33.3% increase in shipments in China, Hong Kong and Taiwan and a 14.6% rise in the rest of Asia Pacific. Shipments in the Europe, Middle East and Africa region declined 6% from the year-ago quarter.

For full-year 2017, the company reported net profit of €535 million, or €2.82 per share, up from €399 million, or €2.11 per share, in 2016, and above S&P Capital IQ's consensus GAAP EPS estimate of 2.77 for the year.

Ferrari said total shipments increased 4.8% to 8,398 units in 2017 from 8,014 units in 2016, driven by a 25.1% rise in sales of 12-cylinder models. The company said it will start deliveries of the newly launched Ferrari Portofino in the second quarter.

For full-year 2018, Ferrari expects shipments, including supercars, to be in excess of 9,000 units. Net revenues are projected to be more than €3.4 billion for the year. The company said it expects to be net industrial debt-free by 2021.