MARANELLO, Italy (AP) — MARANELLO, Italy (AP) — Ferrari NV (RACE) on Tuesday reported first-quarter profit of $382.2 million.

The Maranello, Italy-based company said it had net income of $2.12 per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.

The luxury sports car maker posted revenue of $1.72 billion in the period.

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