Ferrari chairman issues statement amid alarming share price fall

Ferrari chairman John Elkann branded his commitment to the iconic outfit as a “personal matter”, with share prices having suffered an unwelcomed blow.

That occurred after Ferrari issued updated earnings guidance on Thursday via its Capital Markets Day event, as shares took an alarming fall in several key markets. Ferrari’s financial forecasts proved underwhelming in some sections of the investment world.

Ferrari suffers record share price hit

As part of its Capital Markets Day initiative, Ferrari announced an anticipated revenue of €7.1 billion ($8.2b) for the year, rising to the €9 billion ($10.4b) region by 2030. Adjusted earnings were also anticipated to be up to €3.6 billion ($4.2b), as a minimum, by that date.

Such figures did not spark universal optimism, which was reflected in a share price drop of record-breaking proportions for Ferrari.

With a 15 per cent drop on the New York Stock Exchange by the close of the day, that marked Ferrari’s worst day since arriving on the stock in October 2015.

A peak decline of 16 per cent in Ferrari’s share price was witnessed on the Italian Stock Exchange, also a single-day loss record since listing.

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In addition to this setback, it has been a mixed experience for Ferrari on the race track. There has been glory via three successive Le Mans triumphs for the Ferrari 499P hypercar machine. Yet, Formula 1 has been a far less fruitful series for the iconic Italian outfit in recent times.

Marquee signing, seven-time World Champion Lewis Hamilton, has suffered an underwhelming first season thus far in Ferrari red, while the team has gone five grands prix without a podium.

Speaking at Ferrari’s Capital Markets Days, Elkann described his Ferrari connection as a “personal matter”, as the firm strives for stronger performances on the F1 scene.

“My commitment is, as president, as majority shareholder and, above all, as someone who has lived Ferrari as a lifelong passion,” he continued.

“I am committed to ensuring that every decision we make strengthens Ferrari’s uniqueness. I am committed to our people, whose talent and dedication are the greatest guarantee for our future. I am committed to our beloved Ferraristi, who entrust us with their dreams.

“And I am committed to our loyal fans, eager to see us win in F1, just as we are winning in endurance. And it is with pride that we have brought home the Le Mans trophy after three consecutive victories.”

Ferrari CEO Benedetto Vigna added: “Last time, we made a commitment to win in racing. We achieved it with the 499P in endurance. But, in Formula 1, we must improve. We must win because we owe it to our loyal fans around the world.”

Ferrari last reached the F1 summit as 2008 Constructors’ champions. Their most recent Drivers’ champion remains Kimi Raikkonen in 2007.

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