Ferrari Profits Down 28 Percent in 2009
#1
02-18-2010, 06:14 PM
Ferrari Profits Down 28 Percent in 2009 MARANELLO, Italy — Ferrari SpA said its operating profit plunged 28 percent in 2009, due in part to "unfavorable exchange rates" including a weak U.S. dollar. The automaker's vehicle sales saw a modest dip of only 5 percent, to 6,250 cars, while worldwide revenues fell 7 percent, to $2.4 billion.
Operating profit declined to $334 million last year, from $465 million in 2008.
Noting the "challenging economic climate," Ferrari Chairman Luca di Montezemolo said, "2010 will be a very difficult year, and the first small signs of recovery will not come until next autumn."
Among the bright spots was the Ferrari California, as 60 percent of customers are new to the Ferrari brand, according to the automaker. The new 458 Italia went on sale at year's end and thus had a minimal contribution to the firm's revenues in 2009.
Sales in North America, the company's largest market, fell 14 percent in 2009. Sales in Europe dropped 6 percent. Those figures were offset by a 29-percent gain in the Middle East, while the Asia Pacific region, led by China, saw deliveries rise 3 percent.
The company said it plans to have 60 Ferrari retail stores open worldwide by the end of 2011.
Operating profit declined to $334 million last year, from $465 million in 2008.
Noting the "challenging economic climate," Ferrari Chairman Luca di Montezemolo said, "2010 will be a very difficult year, and the first small signs of recovery will not come until next autumn."
Among the bright spots was the Ferrari California, as 60 percent of customers are new to the Ferrari brand, according to the automaker. The new 458 Italia went on sale at year's end and thus had a minimal contribution to the firm's revenues in 2009.
Sales in North America, the company's largest market, fell 14 percent in 2009. Sales in Europe dropped 6 percent. Those figures were offset by a 29-percent gain in the Middle East, while the Asia Pacific region, led by China, saw deliveries rise 3 percent.
The company said it plans to have 60 Ferrari retail stores open worldwide by the end of 2011.
#5
02-18-2010, 07:06 PM
Last year I read that they had a warehouse full of completed cars that were never claimed because people had money problems.
Yet, they make people with cash in hand wait a year to get a car.
This is one of the primary complaints about the Ferrari way of doing business.
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