Ferrari cuts long-term profit goal as it rolls out hybrid supercars
Milan — Ferrari has cut its long-term profit goal a month after the CEO called the targets of previous management "aspirational". Ferrari now expects earnings before interest, tax, depreciation and amortisation to be in a range of €1.8bn-€2bn in 2022, down from the old target of €2bn, Louis Camilleri told investors. The revision casts a pall over an otherwise upbeat presentation, which included a slew of new cars and a focus on hybrid engines. The cut shows the pressure facing Camilleri, who took over from long-term predecessor Sergio Marchionne in July, just days before the legendary Fiat and Ferrari boss suddenly passed away. The stock fell as much as 3.7% in Milan before making up most of the decline after Ferrari raised its dividend and announced a €1.5bn share buyback plan. The shares were down 0.5% at 1pm. Ferrari has gained about a third in 2018, which makes it the second-best performer in the Stoxx 600 automobiles and parts index in 2018, behind Peugeot. 'Ambitious but doabl...
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