MILAN (AP) — Italian luxury sports car maker Ferrari on Tuesday reported that its profits last year sank 11% as it shifted its geographical footprint, but raised its forecasts for 2020.

Ferrari said net profit fell to 699 million euros ($772 million) from 787 million euros the previous year. Shipments rose 9.5% to 10,131 vehicles, while net revenues rose 10 % to 3.76 billion euros, beating forecasts of 3.5 billion euros.

Ferrari upgraded its revenue forecast to over 4.1 billion euros, from 3.8 billion euros outlined in its business plan.

Shipments to the Americas shrank by 3% to 2,900 vehicles, which Ferrari said was part of a planned geographic shift. At the same time, shipments to the largest market, Europe and the Middle East, rose by 16%, to 4,895 vehicles, and to greater China by 20% to 836 cars.

Engine revenue was down by a third due to lower sales at Maserati.

The company said fourth-quarter profits dropped 13% percent to 166 million euros.