Ferrari‘s first-quarter profit jumped 60%, and quarterly sales were up 22%, the company has reported.

Q1 profits for 2017 rose to $265 million from $195 million in the same period of 2016, on the EBITDA measure (that’s earnings before interest, taxes depreciation and amortisation).

Shipments totalled 2,003 units, up 121 units or +6.4% compared to Q1 2016. This was driven in part by a 50% increase in sales of V12 models such as the GTC4Lusso and the ultra-limited edition LaFerrari Aperta hybrid convertible – launched to mark the company’s 70th birthday, Ferrari built just 209 examples of the £1m-plus supercar.

Geographically-speaking, the Italian manufacturer shipped 1034 cars to the Europe, Middle East and Africa region (EMEA); 545 to the Americas; and 161 to China, Hong Kong and Taiwan. Beyond China, in the Asia Pacific region, there were a total of 263 shipments, of which 58 went to Australia.

Company boss Sergio Marchionne now expects shipments of about 8,400 vehicles for 2017, which would surpass last year’s total of 8,014. In previous years, production was capped to strictly 7,000 units per year.

With the addition of more models like the flagship 812 Superfast, which was unveiled back in March at the Geneva motor show, analysts at Morgan Stanley say they expect Ferrari to double its earnings in five years.

“Ferrari is demonstrating margin performance three years ahead of our expectations and is pursuing the balance of aggressive line expansion while preserving the hyper-exclusive mystique of the brand,” comments Morgan Stanley analyst, Adam Jonas.

The company’s stock has surged 39 per cent this year, resulting in the brand being valued at around $15.2 billion.

Tags: 812 Superfast, Adam Jonas, business, car sales, Ferrari, GTC4Lusso, LaFerrari Aperta, luxury, Sergio Marchionne