Luxury Italian sports carmaker Ferrari on Thursday announced a record first quarter as sales of its V12 models boosted profits 60 percent. Ferrari, based in the northern Italian city of Maranello, reported net profits of 124 million euros ($136 million) in the first quarter, up from 78 million euros a year earlier.

Ferrari closed up 5.6 percent at 73.65 euros in Milan trading. CEO Sergio Marchionne confirmed 2017 targets of 950 million euros in adjusted earnings before tax and interest for the year, and said he would wait for the second or third quarter to see if conditions merit raising it to the 1 billion euro mark.