MILAN -- Ferrari raised its forecasts for 2020 revenue and earnings after the supercar maker posted record deliveries last year.
The Italian company launched a record five new models in 2019 with a goal of delivering about 10,000 vehicles. Ferrari is in the midst of a model-range renewal that allows it to boost average prices.
The company reported fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization of 333 million euros ($368 million), in line with analyst estimates of 331 million euros.
Shipments in 2019 totaled 10,131 units, a 9.5 percent increase from the previous year.
The supercar maker, controlled by the Agnelli family’s investment company Exor NV, boosted its forecast for 2020 net revenue to 4.1 billion euros ($4.5 billion) from 3.8 billion euros previously.
Adjusted EBITDA this year is expected to be in a range of 1.38 billion euros to 1.43 billion euros ($1.53 billion to $1.58 billion), compared to previous guidance, set in its 2018 plan, of more than 1.3 billion euros.
CEO Louis Camilleri is tackling a long-held goal of former Chairman Sergio Marchionne, who died in 2018: transform Ferrari into a fully fledged luxury brand. The company said in November that branded goods will contribute 10 percent of earnings before interest and tax within the next seven to ten years.
Investors like Camiller’s strategy -- Ferrari’s stock has risen more than 40 percent since he became CEO -- though analysts say he’s clearly adopting a cautious approach on earnings outlooks for one of the world’s most iconic brands.
“It’s useful to remind people how conservative Ferrari is in guiding, above all at the beginning of the year and specifically in view of this year’s geopolitical risks such as coronavirus and Brexit,” Massimo Vecchio, an analyst for UBI Banca, said in a note Tuesday.
Reuters contributed to this report.
