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Friday 5 May 2017 BUSINESS
A24

Ferrari of Italy posts record first quarter on V12 sales

By COLLEEN BARRY cent at 73.65 euros in Milan suaged concerns that in- ago, Marchionne said he enues were up 22 percent
AP Business Writer trading. CEO Sergio Mar- creasing volumes would wanted to transform the to 821 million euros, with
MILAN (AP) — Luxury Ital- chionne confirmed 2017 hurt the brand’s exclusivity. car company into a luxury shipments growing by 6
ian sports carmaker Ferrari targets of 950 million euros After previously capping goods firm beyond cars. percent to 2,003 units. De-
on Thursday announced a in adjusted earnings before sales at 7,000, Ferrari is on The CEO said while they liveries of 12-cylinder V12
record first quarter as sales tax and interest for the year, target to sell 8,400 cars this were still looking at growth models rose by half.
of its V12 models boosted and said he would wait for year and Marchionne has prospects beyond auto- Sales in Europe grew by 9
profits 60 percent. the second or third quarter previously indicated he mobiles, significant growth percent, powered by dou-
Ferrari, based in the north- to see if conditions merit had his sights set on 10,000. could come from its core ble-digit sales in Germany,
ern Italian city of Maranel- raising it to the 1 billion euro He told analysts Thursday business. His ambitions are France, Italy and Britain,
lo, reported net profits of mark. He also said Ferrari’s he was looking at how to being helped by Ferrari’s while deliveries rose 4 per-
124 million euros ($136 mil- growth plans would con- go even higher and would Formula 1 racing team, cent each in the Ameri-
lion) in the first quarter, up centrate on expanding car update the markets next which has returned to the cas and the Asian Pacific,
from 78 million euros a year volumes in new high-per- year. winners’ circle after a series which excludes greater
earlier. formance luxury segments, When Ferrari launched its of disappointing seasons. China, where sales were up
Ferrari closed up 5.6 per- explaining that he had as- public offering 18 months During the first quarter, rev- 3 percent. q

US trade deficit narrows to lowest level since October

PAUL WISEMAN to $24.6 billion in March
AP Economics Writer from $23 billion in February
WASHINGTON (AP) — The on rising imports of Chinese
U.S. trade deficit narrowed cellphones and telecom-
in March to the lowest lev- munications equipment.
el since October as both The Trump administration
exports and imports fell. decried as “alarming” big
But the politically sensitive increases in the deficit with
trade gap with China rose. Japan and Mexico. The
The Commerce Depart- Commerce report showed
ment said Thursday that that the deficit with Japan
the gap in goods and ser- rose 55 percent to $7.2 bil-
vices slipped to $43.7 bil- lion in March from Febru-
lion, down from $43.8 bil- ary. The gap with Mexico
lion in February. expanded 22 percent to
Exports dropped 0.9 per- $7 billion.
cent to $191 billion, pulled “The United States can no
down by falling auto ex- longer sustain this inflated
ports. Imports fell 0.7 per- trade deficit with our clos-
cent $234.7 billion as im- est trading partners,” Com-
ports of crude oil and other merce Secretary Wilbur
petroleum products slid. Ross said in a statement.
President Donald Trump A container is unloaded from a ship at the Port of Baltimore in Baltimore. On Thursday, May 4, 2017, “The Trump administration
was elected on a pledge the Commerce Department reported on the U.S. trade gap for March. is committed to rebalanc-
to reduce America’s trade (AP Photo/Patrick Semansky) ing our trade relationships
deficits, president says trade defi- ing jobs. For all of last year, the gap in order to protect Ameri-
which he blames on unfair cits are responsible for the So far this year, the trade exceeded $500 billion. can workers and business-
trade practices by China loss of hundreds of factories deficit is up more than 7 The trade deficit in goods es from lopsided trade re-
and other countries. The and millions of manufactur- percent to $135.6 billion. with China rose 7 percent lationships.” q
Viacom beats forecasts but investors fret ‘reteiring’

NEW YORK (AP) — Viacom’s beating as investors feared of the company’s prime that the retiering only ap- share.
second-quarter results eas- it might lose revenue be- channels more expensive. plied to new Charter sub- The results exceeded Wall
ily beat Wall Street expec- cause a big cable provid- Company executives ac- scribers. Shares in Viacom Street expectations. The
tations, but its stock took a er moved to make some knowledged Thursday that were down $2.48, or more average estimate of 12
Charter Communications than 6 percent, to $36.78 in analysts surveyed by Zacks
had “retiered” some of Via- afternoon trading. Investment Research was
com’s highest-profile chan- The New York-based com- for adjusted earnings of 59
nels — including Comedy pany had second-quarter cents per share.
Central, MTV, VH1 and BET net income of $121 million. The company, which also
— into higher-priced bun- Adjusted earnings for the owns Paramount Pictures,
dles. quarter were $317 million, posted revenue of $3.26 bil-
The executives suggested better than the $303 mil- lion in the period, which also
they disagreed with the lion for the same period topped Street forecasts. Six
changes and that they last year. Viacom Inc. said analysts surveyed by Zacks
were in talks with Charter. it had profit of 30 cents per expected $3.06 billion. The
They also noted in a con- share. Earnings, adjusted company reported $3 bil-
ference call to discuss Via- for one-time gains and lion in revenue for the same
com’s quarterly earnings costs, were 79 cents per period last year.q