Ferrari sees profit rising this year on continued sales rebound

Ferrari NV forecast a rise in earnings this year in line with expectations as the luxury carmaker works through disruption from the pandemic on top of unexpectedly searching for a new chief executive officer.

Ferrari has issued a recall relating to Takata airbags.
Ferrari has issued a recall relating to Takata airbags.

Ferrari sees adjusted earnings before interest, tax, depreciation and amortization of 1.45 billion euros (1.74 billion euros) to 1.5 billion euros this year, the manufacturer said Tuesday in a statement. That compares with an average analysts’ estimate of 1.48 billion euros.

Adjusted Ebitda rose to 372 million euros during the fourth quarter. That topped an analysts’ average estimate of 364 million euros.

Key Insights

The detailed guidance for the year contrasts with the relatively vague outlook given by Tesla Inc. last week. The Model 3 maker said only that it expected its operating margin to grow over time rather than give a profit forecast or specific delivery target for the year.

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Ferrari is expected to address its search for a new CEO. Louis Camilleri abruptly resigned in December, prompting the second leadership crisis in a matter of years, as the company goes through the complex and costly process of electrifying its fleet.

Headhunters have started to assemble a preliminary list of luxury-industry heavyweights that is said to include Gucci CEO Marco Bizzarri and Stefano Sassi, the former head of fashion group Valentino, but auto industry candidates are also in the running.

Camilleri revamped Ferrari’s lineup that includes cars like the 1.5 million-euro Monza, to allow it to boost prices. The strategy saw seven new road models hit showrooms in last two years, boosting annual sales to a record of more than 10,000 units.

First Published Date: 02 Feb 2021, 17:54 PM IST
TAGS: Ferrari
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