Ferrari racers have always worn red. But black has been the standard-bearer for the company so far this year, as the Prancing Horse turned a $72 million trading profit in the first quarter.

Making money amid the global economic crisis is no small feat--and Ferrari posted the gain despite a slip in sales and revenue.

The Ferrari California, a 460-hp retractable hardtop, posted “vigorous sales” in the second part of the period and lifted the company’s overall performance with particular strength in Asia.

The California launches in North America in late June, and there’s a 24-month waiting list. The 2+2 speedster is billed as more of an everyday sports car in contrast to other offerings from Ferrari, such as the 599 GTB Fiorano and the F430.

Ferrari sold 1,571 cars in the first quarter, down five percent from a year ago, though it was still the most profitable of all Fiat companies.