Ferrari just raised its earnings outlook for 2020 after its 2019 Q4 earnings before interest, tax, depreciation and amortization (EBITDA) went up 22% in the final three months of last year.
Meanwhile, the Italian carmaker’s adjusted core profit for the year ended up being $1.269 billion euros, while the adjusted core profit margin came in at 33.7% – very close to the targeted 34%.
The Agnelli family-controlled carmaker previously said that it planned to boost adjusted core profit to anywhere between 1.38 billion and 1.43 billion euros this year, compared to its previous target, which stood north of 1.30 billion euros.
Ferrari released a record five new models last year, including the F90 Stradale, which stood as the company’s first plug-in hybrid car for series production. Next to follow will be 15 new models between 2019 and 2022, plus a significant increase in average retail price.
Currently, Ferrari’s portfolio includes the 812 Superfast, 812 GTS, SF90 Stradale, F8 Tributo, F8 Spider, 488 Pista, 488 Pista Spider, GT4Lusso, GT4Lusso T, Portofino, Roma, plus the special limited series Monza SP1 and SP2.
Two upcoming models to look forward to are the next-gen Ferrari hypercar, which is said to focus on lightness and aerodynamics, while also packing more power than the SF90 Stradale, plus the Purosangue SUV, which will take the fight to the Lamborghini Urus.