Ferrari Reports Higher Profit, But Shares Fall on New CEO’s Comments

Louis Camilleri spooks markets by calling a 2022 profit target set by Sergio Marchionne ‘aspiriational’

Ferrari NV’s post-Sergio Marchionne future started Wednesday with a sputter as the shares plunged following comments from the new CEO.

Louis Camilleri, the Italian luxury sports-car maker’s chief executive who took over July 21 following the unexpected illness and death of Mr. Marchionne, told analysts he would stay the course set by his renowned predecessor who engineered Ferrari’s meteoric rise in value following a 2015 initial public offering.

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