Ferrari collapses on the stock market: without a guide it is a ship in storm

4 May 20213 years ago babelfish

Despite back orders and prestige, today was not a good day for Ferrari (RACE), whose shares plummeted by more than 8% in trading in Milan, the biggest drop since March 2020, making the Modena-based company and the worst on the FTSE MIB and the Stoxx 600 Automobiles & Parts index. The stock then rebounded slightly at the end of the session reducing the loss to 6.88% The supercar manufacturer delayed the 2022 profit targets set before Covid by one year. An additional challenge for a company that has been without CEO for 5 months.

Louis Camilleri, the previous CEO, left in December, but the problem of profits did not arise, which, expected at 1.8 billion in 2022, were delayed by one year, until 2023, as confirmed by President John Elkann.

For some, like Bloomberg Intelligence credit analyst Joel Levington, Ferrari “comments that its financial targets for 2022 are delayed by a year to erase excess expectations. ”The figure of the CEO

Ferrari plans to cut costs in response to Covid-19, Elkann said in a statement, without providing figures. Adjusted EBITDA rose to € 376 million in the first quarter, exceeding analysts' average estimate of € 368.3 million. Shipments in the period were 2,771 units, a slight increase compared to a year ago, also because the new lockdown did not require the closure of the industrial plants.

While VW and Daimler are capitalizing on the euphoria for electric cars, Ferrari will only launch its emission-free cars in 2025, lagging behind its competitors, also considering the huge success of the Porsche Taycan.

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The Ferrari article collapses on the stock market: without a guide it is a ship in storm comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/ferrari-crolla-in-borsa-senza-una-guida-e-una-nave-in-tempesta/ on Tue, 04 May 2021 20:25:57 +0000.