Ferrari, a manufacturer of fast cars, is delayed in meeting its profit targets. The Italian company attributes this delay to the consequences of the corona crisis, which forced the company to shut down production for seven weeks last year.
Ferrari initially aimed for an adjusted operating profit of 1.8 billion euros by the end of 2022. That is the profit before tax, interest payments and depreciation. But Ferrari can no longer live up to that promise due to the pandemic, so this profit target is pushed up by a year, said chairman and interim CEO John Elkann, explaining the results in the first quarter.
Ferrari delivered 2,771 cars in that reporting period, which is slightly more than a year earlier. The quarterly turnover increased by 8 percent to 1 billion euros. Adjusted operating profit rose 19 percent to EUR 376 million.
After Louis Camilleri unexpectedly stepped down as the company’s top boss in December, the car brand is still looking for a new top driver. Elkann, who also heads major shareholder Exor, recently said he is looking for a new CEO who also has the technological capabilities to develop Ferrari further.
Under Camilleri, Ferrari was still opposed to the shift to electric driving. For example, he informed analysts a month before his departure that Ferrari will probably never make fully electric cars.