Ferrari closes the first quarter with growing results, but the postponement of a year due to Covid dei targets set for 2021 does not convince investors and has heavy reflexes: on Tuesday 4 May, on the day of the announcement of the quarterly and of the comments, the stock in Piazza Affari it lost 8 percent. In detail, the Maranello house between January and March of this year recorded net revenues up by 8.5% to 1.011 billion with total deliveries standing at 2,771 units (+ 1%). Net profit stood at 206 million from 166 million a year ago, showing a 24% increase over the same period in 2020, while Adjusted Ebitda rose about 19% to 376 million versus 368. 3 million of the Bloomberg consensus. The group, underlines a note, is “confident of reaching the upper limit of the 2021 guidance by virtue of excellent results, strong order intake and a record-breaking order book at the end of the first quarter of 2021”.
The postponement of the objectives
However, the financial targets for 2022 have been postponed by one year due to Covid with the interim president and CEO John Elkann who stated: “Looking to the future, we expect the prudential approach adopted in 2020, and which continues in 2021, to modify our investments in response to the emergency from Covid-19 it will postpone the achievement of our 2022 guidance by one year. However, the robustness of our order book and the new exceptional models that we will launch in the years to come provide a solid foundation on which to build our future ambitions ».
The choice of the electric
With this in mind, Elkann assured “2022 results will be better than 2021 which we expect to be very strong anyway”. Elkann also confirmed the choice to focus strongly onelectric. “We are continuing to execute our electrification strategy, a huge opportunity to create a unique experience for our customers,” he explained, adding that “our first fully electric Ferrari will be in 2025”. On the sporting front, Elkann limited himself to saying this: «There is a strong discussion on the future of the Formula 1 and we participate with our ambitions ».