The supercar maker moved to a guidance range for adjusted core
earnings of 1.8-2.0 billion euros ($2.1-2.3 billion) by 2022,
rather than the 2 billion figure set by late Ferrari boss Sergio
Marchionne. But his successor sought to reassure investors that
the company can maintain recent strong growth.
"This is an ambitious plan, but a doable one based on a
concrete, detailed framework," Louis Camilleri said on Tuesday
at the company's Maranello headquarters in Italy.
Ferrari shares were steady at 1145 GMT, recovering from earlier
losses. The stock slid more than 8 percent on Aug. 1 when
Camilleri described Marchionne's targets as "aspirational".
Marchionne's sudden death in July jolted investors who had
expected the auto industry grandee to remain at the wheel until
2021, having more than doubled Ferrari's market value since
taking it public in 2015.
Camilleri and his team outlined a plan to show how the firm
known for its racing pedigree and roaring combustion engines
will shift to making a utility vehicle and hybrid cars and boost
margins to over 38 percent without sacrificing exclusivity.
With margins at 30 percent right now, strong pricing power and
an enviable customer waiting list, Camilleri inherits a business
firing on all cylinders and is not expected to stray far from
his predecessor's script.
Marchionne had orchestrated Ferrari's spin-off from parent Fiat
Chrysler <FCHA.MI>, positioned it as a luxury brand rather than
a carmaker, and managed to do what few thought possible: sail
through a self-imposed production cap of 7,000 cars a year
without sacrificing pricing power or its exclusive appeal.
Ferrari has clocked up years of record earnings, helped by
special editions and a customization program.
But it could prove tough to maintain the company's high
valuation as emissions rules tighten, capital spending increases
and the diverging interests of investors, racing fans, owners
and collectors become harder to balance.
At the event, Ferrari unveiled the single-seater Monza SP1 and
two-seater Monza SP2, a pair of open-topped, limited edition
sportscars, as part of a new segment dubbed "Icona" inspired by
past Ferraris targeted at its most loyal customers.
It also promised to expand its range of GT vehicles centered on
style, elegance and the driving experience, rather than extreme
performance, to lure new customers to the brand.
Ferrari said it would launch the much-debated utility vehicle by
the end of the plan. The vehicle, called "Purosangue"
(Thoroughbred), could potentially lead to a substantial growth
in sales, analysts have said.
Camilleri sought to sooth concerns the vehicle could dilute
Ferrari's exclusive status by saying it would be "unique",
"elegant, powerful, versatile, comfortable, spacious and feature
state of the art connectivity and infotainment".
($1 = 0.8548 euros)
(Editing by David Goodman and Mark Potter)
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