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Bloomberg
Ferrari NV slightly raised its full-year profit target after the Italian supercar maker managed to dodge most of the supply-chain snarls weighing on mass-market automakers.
Ferrari forecasts adjusted earnings before interest, taxes, depreciation and amortisation of about $1.76 billion for 2021 after a jump in third-quarter shipments and profit, it said.
New Chief Executive Officer Benedetto Vigna is under pressure to put Ferrari on course for electrification. The industry outsider joined from chipmaker STMicroelectronics in September and investors are eager to hear about his strategy for the era of battery technology and digital services.
Ferrari has been slow to embrace batteries and plans to unveil its first fully electric vehicle in 2025, Chairman John Elkann said earlier this year. In contrast, Porsche’s popular Taycan has been on the road since 2019.
Ferrari said adjusted Ebitda climbed to 371 million euros in the third quarter, beating the average analyst estimate of 360 million euros. Sales during the period rose to 1.05 billion euros, slightly below analyst expectations.
The Italian manufacturer will brief investors on its future strategy during a capital markets day next year. It will also start sales of its first-ever SUV, the Purosangue, in 2022 — years after Bentley’s Bentayga and Lamborghini’s Urus.
In June, Ferrari unveiled its second plug-in hybrid car, the 819-horsepower 296 GTB, though many analysts still consider the pace of electrification to be too slow.