Ferrari Posts Steady Profit Before Outsider CEO Takes Helm
- Manufacturer is under pressure to make up ground in EV shift
- New chief was surprise choice from chipmaker supplying Apple
Source: Ferrari NV
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Ferrari NV maintained stable profitability before the supercar maker installs an executive little known within the auto industry to up the company’s game in electrification and software.
Adjusted earnings before interest, taxes, depreciation and amortization rose to 386 million euros ($459 million) during the second quarter, Ferrari said Tuesday, compared with an average analyst estimate of 344 million euros. While revenue was slightly below expectations, the company boosted its annual free cash flow forecast.