|Day's range||15.70 - 15.70|
Of course, as in so many things automotive, Ferrari (NYSE: RACE) has been an exception. Or to put the question another way, is Ferrari's valuation justified? Many things have changed about Ferrari since its founding in 1947, but one thing hasn't: Its race-bred cars are still for the moneyed few.
Ferrari (NYSE: RACE) reported solid first-quarter earnings despite the impact of the coronavirus outbreak, but warned that the current quarter is shaping up to be a difficult one, and it cut its profit forecast for the full year. Ferrari's first-quarter operating profit of 220 million euros ($241.4 million) was down 5% from a year ago, as an increase in deliveries failed to offset the loss of much of the income generated by its Formula 1 racing team after races were canceled. Ferrari reports its financial results in euros.
Ferrari (RACE) delivered earnings and revenue surprises of 10.00% and 20.62%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Luxury sports car maker Ferrari still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its red Formula One racing cars and its prancing horse logo, cut its 2020 core earnings forecast on Monday, blaming a hit to motor sport revenues among other pressures, and warning of an extremely tough second quarter. Ferrari shares closed up 1.5% at 154.50 euros, having fallen over 5% immediately after news of the downgrade.
Luxury carmaker Ferrari <RACE.MI> said on Thursday it would restart operations at its Maranello and Modena plants on May 4, when Italy is set to start lifting lockdown measures. The two facilities, both located in Italy's northern Emilia-Romagna region, have been closed since mid-March when Rome imposed curbs on people's movements and froze manufacturing activities deemed as non essential, to contain the spread of the coronavirus. The sites will resume operations "gradually" and return to full production on Friday May 8, Ferrari said.
Workers at Ferrari are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious scheme that could serve as a blueprint for manufacturers desperate to resume production. Under its "Back on Track" project, Ferrari staff, families and suppliers first take blood tests to see if they're clear and will then be given an app which will alert them if they've been in close contact with any scheme members who contract COVID-19. As manufacturers in Europe and North America scramble to find ways to restart their businesses while keeping the virus out of production sites, Ferrari's scheme to test workers and track possible cases of COVID-19 is being closely watched.
Luxury carmaker Ferrari <RACE.MI> has begun making parts to convert snorkel masks into respirators for treating patients with coronavirus and protecting medical workers. The idea of adapting the masks, originally proposed by Italian engineers, is now being used in several countries to meet a surge in demand for respirators during the pandemic. Ferrari on Thursday said in a statement that it had started making thermoplastic valves and fittings for masks using its 3D printing technology at its Maranello plant.
Ferrari <RACE.MI> said on Wednesday it was piloting a project to conduct voluntary screening of employees and their families for coronavirus once the supercarmaker's factories in Italy reopen. In a statement, Ferrari said its "Back on Track" plan, developed with a pool of virologists and experts, was designed to create a safe working environment for when its operations restarted.
The boss of Exor <EXOR.MI> showed confidence on Wednesday in the success of three transformative deals set to reshape its multi-billion portfolio of corporate holdings, despite being caught at mid-air by the coronavirus crisis. In a letter to the holding's shareholders, boss John Elkann, the scion on Italy's Agnelli dynasty, said his family had been in business for a long time and had "overcome wars, revolutions, crises and pandemics".
Last year Ferrari introduced a new model to the lineup. I hesitate to use the term “entry level,” but that’s what the new Portofino is, the cheapest, or most attainable model Ferrari has on offer.
Luxury carmaker Ferrari <RACE.MI> said on Friday it would extend the shutdown of its two Italian plants and reopen on April 14, provided it had supplies, and update 2020 forecasts in May when it releases its first-quarter earnings. Ferrari this month closed factories in Maranello and Modena, in the northern Italian region of Emilia-Romagna, for two weeks until March 27 in a response to the coronavirus outbreak and a shortage of parts. Investment firm Exor <EXOR.MI>, which controls Ferrari, on Wednesday said that current plant closures at Ferrari as well as at other controlled companies Fiat Chrysler <FCHA.MI> and CNH Industrial <CNHI.MI>, though temporary, might continue.
LONDON/MILAN (Reuters) - From Washington to London, Beijing to Rome, governments are drafting automakers and aerospace manufacturers to ramp up production of ventilators and other medical equipment to bolster what most experts say is an inadequate arsenal of coronavirus treatment tools. Authorities are hoping large-scale manufacturers can use their low-cost supply chains and digital design expertise, including 3D printing, and repurpose some factories in order to make up the expected shortfall in vital medical hardware. Some of Britain's biggest aerospace and car companies have formed three teams to produce basic ventilators to help the country's National Health Service cope with the coronavirus outbreak.
Italian carmakers Ferrari and Fiat Chrysler are in talks with the nation's biggest ventilator manufacturer to help to boost production of the life-saving machines that are urgently needed in the coronavirus crisis, company officials said on Thursday. Italy is at the epicenter of the pandemic and its government has embarked on a big expansion of the number of intensive care beds, many of which will require ventilators to keep patients alive by taking over breathing functions. Siare Engineering in northern Italy, where deaths are nearing 3,000 and climbing sharply, is in talks with Fiat Chrysler (FCA), Ferrari and Italian parts maker Marelli to make some parts, source others and to possibly help with the assembly of ventilators.
Luxury carmaker Ferrari <RACE.MI> said on Saturday it closed its two plants until March 27 in a response to the coronavirus outbreak in Italy and an emerging shortage of parts. Ferrari adds to a string of Italian manufacturers which have closed plants or slowed production rates in response to the virus emergency, threatening to disrupt Europe's struggling automotive industry. Ferrari said in a statement it had so far ensured production continuity, as it already implemented all the health measures decided by the Italian government at the two sites, located in hometown Maranello and in Modena, in the northern Emilia Romagna region.
Measuring Ferrari N.V.'s (NYSE:RACE) track record of past performance is a useful exercise for investors. It enables...
(Bloomberg) -- With the annual Geneva car show canceled for the first time since the World War II era, automakers are going virtual in a bid to wow the hordes who would otherwise descend on the Swiss city to get a closer look at the latest models.BMW AG will live stream the debut of its i4 battery-car concept on Tuesday, while Mercedes-Benz’s popular E-Class sedan and Audi’s A3 sportback and all-electric E-Tron S will also be touted in digital displays.Even as manufacturers have been pulling back from auto shows in recent years, the gatherings still attract media, suppliers and aficionados eager to run their hands over the latest upholstery trend or settle in behind the wheels of new vehicles.Audi parent Volkswagen AG used last year’s Frankfurt event to unveil its ID.3 electric car, and to spread the message that the world’s largest auto manufacturer was moving on after the diesel-cheating crisis and honing its image as a leader in the transition to battery powered-cars.The Geneva showcase, which was scheduled to start this week, was called off due to the rapid spread of the coronavirus in Europe. Carmakers were forced into contingency planning, with online events emerging as a way to salvage part of their marketing efforts. Scrapping the show will cost a few million euros, PSA Chief Executive Officer Carlos Tavares said in an LCI television interview Sunday, adding that the company’s Citroen brand amplified its DS9 launch on social media.BMW was aiming to make a big splash for its i4, a car meant to help reassert the German company’s momentum in electric vehicles. The group is sticking to the same program on Tuesday, albeit with a “digital press conference” by Chief Executive Officer Oliver Zipse, who will speak from BMW’s Munich headquarters.Even before being canceled, the Geneva show -- a luxury-car expo that’s typically dominated by glitzy rides from the likes of Ferrari NV, Porsche and Mercedes’s AMG unit -- was in danger of being overshadowed by industry woes.The virus outbreak, which has depressed car sales in China and disrupted supplier lines, adds to the challenges. Trade wars and tariffs, and an economic slowdown sent sales into a tailspin last year in China, the world’s largest auto market and a key country for exports for the three big German manufacturers.‘High Risks’At home, European automakers are saddled with tough emissions rules that have forced them to speed up the expensive roll-out of new electric vehicles. Then there’s the lingering tension with the U.S. over trade policy that could bring additional tariffs.“The state of the global economy and the situation of the auto industry are marked by high risks,” Ferdinand Dudenhoeffer, a researcher at the University of St. Gallen, Switzerland, said before the auto show was called off.Analysts have started to factor in the impact from the latest shock. RBC Capital Markets expects European auto production to drop as much as 4% this year, while LMC Automotive analysts have penciled in as much as a 4.4% global decline in auto sales in a worst-case scenario. The German auto industry’s demand index plunged in February, according to the Ifo institute.Read more: German Auto Industry Bracing for Slump as Demand Dips, Ifo SaysSneak PreviewThe broader uncertainties have made it even more crucial for automakers to cut through the gloom and entice potential car buyers.Polestar, the luxury electric-car venture of Volvo Cars and its Chinese owner Geely Group, last week held a live video-conference to draw attention to its Precept concept vehicle, in what was billed as a sneak preview ahead of Geneva. The move generated media attention ahead of the formal event planned for Tuesday, when Polestar would likely have been crowded out by bigger carmakers such as BMW and Daimler.BMW’s i4, targeted for release in 2021, is built on a new platform that can underpin electric cars, hybrids or combustion vehicles. The flexible architecture will be used to make a battery version of the popular X3 SUV this year, as well as the futuristic iNext. It gives BMW a weapon to fight back against Tesla Inc. after the U.S. upstart ate into its market share.Lost AllureAudi’s E-tron S similarly is aimed at scaling up the VW premium unit’s Tesla-fighting capabilities as Elon Musk prepares to open a gigafactory near Berlin. The Mercedes-Benz E-Class is a critical model for the carmaker in terms of global sales volumes and revenue per vehicle.Manufacturers scouring their books for ways to cut costs and better target marketing had already scaled back spending on Geneva and other industry events, which have subsequently lost some of their allure.This year at Geneva, for example, VW had done away with hosting an evening reception it traditionally used to kick off the media days preceding the opening of the trade fair to the public. This pressure is unlikely to ease anytime soon.“The current economic weakness in important markets amplifies the cost pressure and the trend toward consolidation,” said Stefan Bratzel, a researcher at the Center of Automotive Management near Cologne, Germany.(Adds comment from PSA CEO in fifth paragraph.)To contact the reporters on this story: Christoph Rauwald in Frankfurt at firstname.lastname@example.org;Oliver Sachgau in Munich at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Tara Patel, Andrew NoëlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The angular lines and rakish body, python-like headlights and outrageous, Huracán-like backend said the Urus was extreme, and all Lamborghini.
Ferrari N.V. (NYSE:RACE) came out with its yearly results last week, and we wanted to see how the business is...
Demand for Ferrari's <RACE.MI> Portofino and 812 Superfast models helped the Italian supercar maker hit last year's profit targets though it only provided a cautious upgrade to its outlook for 2020. Ferrari said the biggest increase in shipments in 2019 had come from China, Hong Kong and Taiwan but demand from the region slowed towards the end of the year. Chief Executive Louis Camilleri said its performance was especially weak in Hong Kong and he did not rule out that the coronavirus outbreak might have an impact this year.