MILAN -- Ferrari has postponed by one year its financial targets initially set for 2022 due to the coronavirus pandemic, despite a record order book at the end of the last quarter.
"We expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the COVID-19 emergency will postpone by one year the achievement of our year-end 2022 guidance," Chairman John Elkann said in a statement on Tuesday when presenting the company's first-quarter results.
The company pushed back plans to earn at least 1.8 billion euros ($2.2 billion) before interest, taxes, depreciation and amortization by 2022. It said it now plans to reach that threshold a year later because of effects of the pandemic.
In a call on first quarter results, Elkann told analysts the pandemic had also taken its toll on Ferrari's drive to diversify its brand into other luxury areas and on its Formula One-related activities.
Morgan Stanley analysts said the delayed guidance did not change Ferrari's long term challenges, such as the industry shift towards electric vehicles. It "leaves plenty of room for new management to discuss the potential beyond 2023 including an expanded model range," they said.
Adjusted Ebitda rose to 376 million euros in the first quarter, Ferrari said. Shipments in the period were 2,771 units, up slightly from a year ago.