<p>MILAN — Italian luxury sportscar maker Ferrari announced Tuesday that it won’t hit 2022 financial targets due to the impact of the coronavirus pandemic, despite a strong rebound in the first quarter of 2021.</p>
<p>The carmaker based in the northern Italian city of Maranello said net profit for the first three months of the year rose by 24% to 206 million euros, compared with 166 million euros in the same period of 2020. Deliveries were slightly up at 2,771, while revenues rose 8% to just over 1 billion euros. </p>
<p>Chairman and acting CEO John Elkann called it a strong start and “testimony to the resilience of our business model.”</p>
<p>At the same time, the company postponed by one-year financial targets set out in a 2018-2022 business plan, including revenues close to 5 billion euros and adjusted earnings before interest and tax over 1.2 billion euros. </p>
<p>Ferrari set 2021 guidance at revenues around 4.3 billion euros and adjusted earnings before interest and tax at 970 million euros to 1.02 billion euros. </p>
