Ferrari Tops Consensus as Supercar Buyers Shrug Off Pandemic

(Bloomberg) -- Ferrari NV posted better-than-expected fourth-quarter earnings, as shipments rose with supercar buyers remaining undeterred by the pandemic.

Adjusted earnings before interest, taxes, depreciation and amortization increased to 398 million euros ($450 million) for the quarter, the Italian sports-car maker said Wednesday. That compares with an average analyst estimate of 385 million euros.

Shipments rose 22% compared with year earlier, as all the company's regions posted double-digit growth. Deliveries were driven by the F8 family, together with the Ferrari Roma and the SF90 Stradale which reached global distribution.

Chief Executive Officer Benedetto Vigna, who took over the top job in September, for the first time included details on the company's electrification plans in its full-year outlook statement, and Ferrari's electric-vehicle strategy will be detailed at a capital markets day in June.

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That could mark a major change for the company, which has been slow to embrace battery-powered vehicles. Ferrari isn't scheduled to roll out its first fully electric car until 2025, a stark contrast to rival Porsche Automobil Holding SE, whose all-electric Taycan has been on the road since 2019.

Shares in the Maranello, Italy-based company rose as much as 2.3% on Wednesday in Milan, reversing earlier losses. The stock was up 0.9% at 3:27 p.m. local time, giving Ferrari a market value of 38.3 billion euros.

Ferrari said Wednesday that it sees adjusted Ebitda of 1.65 billion euros to 1.7 billion euros this year, while it posted posted 1.17 billion euros in revenue for the fourth quarter, slightly below consensus.

Despite lagging on electric vehicles, the Italian auto maker also posted better-than-expected earnings in the third quarter, as it dodged fallout from a semiconductor shortage that had hampered output at many of its competitors.

Ferrari last month began revamping its organizational structure and hiring managers with experience in technology as Vigna tries to pick up the pace of the electrification drive. The company will unveil its electrification strategy at a capital markets day planned for June 16.

Divisions including product development, digital, and data and compliance will now report directly to Vigna, Ferrari said in January. While the carmaker has promoted a number of internal managers, it also hired two executives from Vigna's former employer, chipmaker STMicroelectronics NV.