FERRARI. GOOD (ECONOMIC) RESULTS THAT ARE A HOPE FOR THE WHOLE AUTO SECTOR

4 November 20203 years ago babelfish

While the rest of the world focuses on progressive bans and limits on internal combustion engines, one manufacturer seems to show that the demand for them is still robust: Ferrari.

The luxury automaker, whose chief executive this week said he didn't think the company would ever completely give up internal combustion engines, posted a surprising earnings increase on Tuesday morning that sent its shares up 7% during the session.

And the company's earnings weren't just a sign that the market isn't done embracing ICE vehicles; It was also a statement that the auto recovery, at least among the super rich, is in full swing. After all, people have to spend their freshly printed QE money somewhere, right? The rich are getting richer and can spend on riches.

The company posted $ 1.08 per share in earnings on $ 1 billion in sales Tuesday morning. The company's bottom line exceeded analysts' expectations, which were set at 96 cents, and the bottom line met expectations. The company's operating profit margins also increased 0.2% year-on-year.

During the quarter, Ferrari shipped 2,313 vehicles. Although this number dropped slightly, by 161, from the previous year, the company said it was not due to Covid. Instead, management blamed something far more harmless: "Product Renewal".

If commercial sales go well … the sporting part of Ferrari is going badly. The last grand prix of Emilia Romagna in Imola, at Ferrari, saw a Leclerc in a mediocre sixth place and a Vettel never reached. This season is a shame for the Cavallino

Thanks to our Telegram channel you can stay updated on the publication of new articles of Economic Scenarios.

⇒ Register now ⇐

The FERRARI article . GOOD (ECONOMIC) RESULTS THAT ARE A HOPE FOR THE WHOLE AUTO SECTOR comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/ferrari-buoni-risultati-economici-che-sono-una-speranza-per-tutto-il-settore-auto/ on Wed, 04 Nov 2020 20:49:04 +0000.