Luxury carmaker Ferrari on Tuesday reported a significant upswing in full-year net profit, citing a strong product mix and growing demand for personalization.

Ferrari stock zoomed higher after the Italian luxury automaker reported sales that topped expectations and guidance that surged past investor expectations.

Italian luxury carmaker Ferrari on Tuesday reported that its net profit increased in the fourth quarter compared with the same period of the previous year, primarily due to growth in revenue. Ferrari reported earnings of €386 million ($399 million) for the fourth quarter,

Ferrari stock was rising Tuesday after the Italian supercar maker posted better-than-expected earnings that defied the China slowdown plaguing many of its luxury peers. The company, with the logo of the prancing horse and which trades under the ticker RACE,