Ferrari 1Q profits rebound, postpones 2022 targets

Business

MILAN (AP) — Italian luxury sportscar maker Ferrari announced Tuesday that it won’t hit 2022 financial targets due to the impact of the coronavirus pandemic, despite a strong rebound in the first quarter of 2021.

The carmaker based in the northern Italian city of Maranello said net profit for the first three months of the year rose by 24% to 206 million euros, compared with 166 million euros in the same period of 2020. Deliveries were slightly up at 2,771, while revenues rose 8% to just over 1 billion euros.

Chairman and acting CEO John Elkann called it a strong start and “testimony to the resilience of our business model.”

At the same time, the company postponed by one-year financial targets set out in a 2018-2022 business plan, including revenues close to 5 billion euros and adjusted earnings before interest and tax over 1.2 billion euros.

Ferrari set 2021 guidance at revenues around 4.3 billion euros and adjusted earnings before interest and tax at 970 million euros to 1.02 billion euros.

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