Ferrari reported a 7% rise in second-quarter adjusted core earnings and confirmed its outlook for the year, Reuters reported.
The news agency noted the release was the first set of results presented by new CEO Louis Camilleri who was appointed on 21 July to succeed Sergio Marchionne who fell seriously ill and later died after suffering complications following surgery.
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Shareholders would vote on Camilleri's appointment as executive director in September, Reuters said, adding the sudden change in top management had jolted investors who had expected Marchionne, who nearly tripled Ferrari's value since taking it public in 2015, to stay on as CEO and chairman until 2021.
Camilleri has to put his touch on a midterm strategy due in September meant to show how the company known for its racing pedigree and roaring combustion engines would shift towards making an SUV and electric cars.
Ferrari said in a statement cited by Reuters it "remains committed to pursuing the values (Marchionne) embodied and achieving his vision with unabated determination, ambition and passion, in line with Enzo Ferrari's legacy".
The company said it would hold a capital markets day on 17-18 September at its headquarters in Maranello, Italy, to present the strategy it would pursue to meet the midterm financial goals announced earlier this year.
Reuters noted Ferrari said last February it would double core earnings to EUR2bn by 2022 by moving into hybrids, SUVs and new special editions and by expanding a customisation programme.
For the April-June quarter, the company said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to EUR290m (US$339m) from EUR270m a year earlier, helped by sales of the 812 Superfast model and cars from the 488 family.
This was roughly in line with a Thomson Reuters SmartEstimate of EUR286m. Profit margins rose to 31.9% from 29.4%.
Sales were slightly down at current currencies to EUR906m, below expectations of EUR921m.
