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.
Before you consider Ferrari, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ferrari wasn't on the list.
While Ferrari currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.