Today's call will be offset by the group's Chairman and acting Chief Executive Officer, Mr. John Elkann; and Group Chief Financial Officer, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions.
Shares of Italian supercar-maker Ferrari (NYSE: RACE) were trading lower on Tuesday after the company reported its first-quarter earnings. Although the results were quite good, Ferrari said that the profit-growth targets it had expected to hit next year won't be hit until 2023. As of 10:45 a.m. EDT, Ferrari's shares were down about 6.8% from Monday's closing price.
Ferrari said that it will need an extra year to hit its profit goals because of pandemic-related spending cuts.