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MILAN – (AP) – Italian luxury sports car maker Ferrari announced Tuesday that it will not meet its financial targets for 2022 due to the impact of the coronavirus pandemic, despite a strong recovery in the first quarter of 2021.
The carmaker, based in the northern Italian city of Maranello, announced that net profits rose 24% to 206 million euros in the first three months of the year, compared to 166 million euros in the same period in 2020. Deliveries rose slightly to 2,771 euros Sales rose by 8% to just over 1 billion euros.
Chairman and Acting CEO John Elkann called it a strong start and “a testament to the resilience of our business model”.
At the same time, the company postponed the one-year financial targets set in a business plan for 2018-2022, including sales of nearly 5 billion euros and adjusted earnings before interest and taxes of over 1.2 billion euros.
Ferrari set a forecast for 2021 sales of around 4.3 billion euros and adjusted earnings before interest and taxes of 970 million euros to 1.02 billion euros.
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