Ferrari: Unexpected plus for the Reds
NO REASON TO BE CONCERNED The Italian luxury sports car manufacturer Ferrari earned well in the second quarter on the back of a significant upturn in demand. The company delivered almost twice as many cars as in the same quarter last year. Greater personalization of cars and more engines delivered to the Stellantis brand Maserati and Formula One teams also contributed. Sales and deliveries were thus [...]
Greater personalization of cars and more engines delivered to the Stellantis brand Maserati and Formula 1 teams also contributed. Sales and deliveries were thus higher than in the second quarter of 2019 before the crisis.
Experts' expectations exceeded
Earnings before interest, taxes, depreciation and amortization adjusted for nonrecurring items tripled to 386 million euros, exceeding experts' expectations.
However, the share initially slipped in Milan. Jefferies analyst Philippe Houchois wrote in an initial assessment of the result that the outlook was merely confirmed, after a reaching of the upper end had already been in the room.
From September Benedetto Vigna is in office
Chairman of the Board of Directors John Elkann from the Agnelli family, who is currently also acting as interim CEO, only slightly increased his expectations for free cash flow this year.
On September 1, STMicroelectronics manager Benedetto Vigna takes over the business. The Italians earned 206 million euros on the bottom line, compared with just nine million euros a year ago.
Source: Auto&Economy
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