Ferrari has postponed its financial targets that were initially set for 2022 by one year because of the coronavirus pandemic.
The Italian car manufacturer has delayed plans to earn at least €1.8 billion ($2.2 billion) before interest, taxes, depreciation, and amortization by 2022, a target it now expects to reach a year later due to the COVID-19 pandemic.
“We expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the COVID-19 emergency will postpone by one year the achievement of our year-end 2022 guidance,” chairman John Elkann said in a statement when discussing the company’s first-quarter results.
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Despite postponing this target, Ferrari enjoyed a positive first quarter, shipping a total of 2,771 vehicles, slightly up on the 2,738 vehicles that it shipped during the same period of 2020. Interestingly, sales of the brand’s V8 models rose by 8.1 per cent while sales of its V12 models dropped by 19.6 per cent. Deliveries of vehicles including the F8, SF90 Stradale, Roma and 812 GTS helped the car manufacturer boost its delivery numbers.
Ferrari’s EBITDA (earnings before interest, taxes, depreciation, and amortization) rose to €376 million in the first quarter, a 19 per cent increase from Q1 2020’s €317 million. Net profit also jumped by 23 per cent to €206 million, well up from the €166 million of last year.
“This strong start augurs well for the rest of 2021 and is testimony to the resilience of our business model as well as the extraordinary work of the women and men of Ferrari,” Elkann added.
