Ferrari has posted a strong first quarter.

Ferrari shook off a poor performance in its home market to post an impressive first quarter. The Italian automaker saw significant gains in both deliveries and profits during the three month period to start 2012.

Ferrari's net profits for the first quarter surged 17.2 percent to $54.49 million, thanks in large to improved vehicle deliveries. Ferrari sold 1,733 cars during the period, an improvement of 11.5 percent.

The United States remained Ferrari's largest single market during the quarter, with sales improving by 16 percent. Ferrari's UK sales climbed 31 percent to 177 units while Germany also saw an impressive sales gain of 24 percent.

However, things were a little different in Ferrari's home market of Italy where sales slid by 65 units to 121 vehicles.

Ferrari delivered 154 cars in China during the period, which is actually slightly off last year's pace.

"After an extraordinary 2011, starting the year with all the economic indicators on the rise is very satisfying indeed," said Ferrari Chairman Luca di Montezemolo.

Di Montezemolo also confirmed that a new Enzo will debut by year's end.