Ferrari Offers Conservative Profit Outlook as Sales Rebound
(Bloomberg) -- Ferrari NV forecast an underwhelming rise in earnings this year as the luxury carmaker works through disruption from the pandemic on top of unexpectedly searching for a new chief executive officer.
- Ferrari shares fell after the supercar maker projected an increase in 2021 earnings that analysts including Citi called “somewhat disappointing.”
- Ferrari has set up search committee to identify a new CEO after Louis Camilleri resigned in December, Chairman and interim CEO John Elkann said Tuesday on a conference call.
- 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.
- Ferrari sees adjusted earnings before interest, tax, depreciation and amortization of 1.45 billion euros ($1.74 billion) to 1.5 billion euros this year. 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 analysts’ average estimate of 364 million euros.
- The order book is at record levels, up 22% versus last year and covering the entire 2021 and beyond, Ferrari CFO Antonio Picca Piccon said.
- Camilleri’s abrupt resignation has prompted the second leadership crisis in a matter of years, as the company goes through the complex and costly process of electrifying its fleet.
- Ferrari shares fell as much as 5.1% in U.S. trading, and declined 4.7% to $206.77 at 11:04 a.m. in New York.
- The company will hold a capital markets day in the first-half of 2022.
- “We are obviously not satisfied with our current Formula 1 results, and will be working with humility and dedication to change them,” Elkann said.
- Ferrari Sees 2021 Adj Ebitda EU1.45B to EU1.50B, Est. EU1.48B
- Bloomberg Intelligence’s outlook on Ferrari
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