Ferrari’s (NYSE:RACE) CEO Confirms Marchionne’s Guidence
Ferrari CEO correct his position and is keeping Full Year financial targets at the Italian Supercar maker after profit rose 7% in Q-2 under his recently deceased predecessor, Sergio Marchionne.
CEO Louis Camilleri, 63 anni, published the latest results just 10 days after taking the wheel at the Maranello Outfit. They showed adjusted earnings before interest, taxes, depreciation and amortization rose to $338-M, beating Street estimates. The company is expecting more than EUR 1.1-B for the full year.
He comes in behind Mr. Marchionne, who boosted Ferrari’s value by spinning it off from Fiat Chrysler and 2X’d profit in only 4 years by raising production and introducing 1-off models. The former Ferrari CEO died on 25 July, he was preparing to expand the manufacturer beyond Supercars and introduce hybrid EV, including its 1st FUV (SUV). Mr. Calilleri was an Key player in that strategic planning.
Ferrari believes the Mr. Camilleri because of his close working relationship with Mr. Marchionne is getting up to speed quickly to forward The Marchionne Plan and present the carmaker’s strategy through Y 2022 in September.
Last Wednesday, Ferrari confirmed that details on achieving the Y 2022 targets will be given during 2 days of investor presentations starting 17 September.
Mr. Marchionne said in February that Ferrari plans to 2X its profit to EUR 2-B within 5 years. LTM 1st reported his strategy last year. I expect that nothing has changed but the CEOs.
The confirmation of Y 2018 guidance should encourage stakeholders and new investors, the company a market value of EUR 21.4-B
Mr. Camilleri was Chairman of Philip Morris International Inc. until Y2014. The cigarette maker is a major sponsor of Ferrari’s F1 Team.
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