Ferrari postpones 2022 targets due to pandemic

Ferrari on Tuesday postponed its 2022 financial targets by a year due to the pandemic despite reporting a record order book, sending shares in the luxury carmaker lower.

Shares in Ferrari fell as much as 6.8% and by 1205 GMT were down 4.4%.

In its plan presented in 2018, the automaker behind the ‘Cavallino Rampante’ or ‘Prancing Horse’ badge guided for adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to grow between 1.8-2.0 billion euros.

It targeted a margin over adjusted EBITDA of more than 38%.

However, the company said on Tuesday its “excellent” results, a “robust” net order intake and a record order book made it confident it would reach the top end of the forecasts it had set for this year.