Ferrari Reported a Strong First Quarter, but Postponed Its 2022 Profit Target

Ferrari (NYSE: RACE) said that its first-quarter profit rose 23% from a year ago, that its order book is at record levels despite the COVID-19 pandemic, and that it now expects its full-year results to hit the high end of its 2021 guidance. 

But the company also said it is postponing its ambitious 2022 financial targets for a year because of its decision to reduce spending in the early stages of the pandemic. 

Ferrari records revenue for three business units, plus a catch-all category it calls "other." Here's a look at how each performed in the first quarter of 2021.

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Source Fool.com