MILAN (AP) — Italian luxury sports car maker Ferrari says profits last year rose 46 percent, driven by a surge in V12 sales and vehicle personalization.

Ferrari on Thursday reported 2018 net profit of 787 million euros ($904 million), up from 537 million euros the previous year. Shipments rose 10 percent to 9,251 vehicles, while net revenues were flat at 3.4 billion euros.

Ferrari set a forecast for 3-percent revenue growth to over 3.5 billion euros. It did not provide a shipment forecast.

Sales of 12-cylinder models surged 20 percent, led by the 812 Superfast, while sales of 8-cylinder models rose 8 percent. Sales rose across the globe, with double-digit increases posted in Europe and greater China.

The carmaker said fourth-quarter profits rose 40 percent to 191 million euros.