MILAN — Ferrari maintained steady profitability earlier than the supercar maker installs an govt little identified inside the auto {industry} to lift the corporate’s sport in electrification and software program.

Adjusted earnings earlier than curiosity, taxes, depreciation and amortization rose to 386 million euros ($459 million) in the course of the second quarter, up from 124 million euros a 12 months earlier, Ferrari mentioned Monday.

Shipments in the course of the quarter virtually doubled from a 12 months in the past to 2,685 items, and had been virtually flat in comparison with 2019, earlier than coronavirus lockdowns hit.

Ferrari elevated its industrial free money movement steerage to round 450 million euros this 12 months, up from its earlier forecast of round 350 million euros.

But it surely left forecasts for web revenues and earnings unchanged, regardless of saying earlier this 12 months it was “assured” of reaching the highest finish of its 2021 steerage.

Ferrari has been sluggish to embrace electrification, and the carmaker’s hesitancy has began to meet up with the efficiency of its inventory after years of outperforming rivals.

The corporate has picked {industry} outsider Benedetto Vigna as its new CEO to place Ferrari on track for the period of battery know-how and digital providers. The 52-year-old will be a part of from chipmaker STMicroelectronics in September.

At STMicro, Vigna led the chipmaker’s division that provides key sensors utilized in Apple’s iPhone and carmakers’ navigation techniques, counting the world’s largest auto provider Robert Bosch as a buyer.

Amongst his priorities will likely be balancing the wishes of longtime Ferrari followers in awe of roaring combustion engines and a youthful clientele eager for industry-leading applied sciences of the battery age.

Ferrari shares have declined about 3 p.c this 12 months, giving the corporate a market worth of roughly 34 billion euros. The inventory is the second-worst performer amongst carmakers within the Stoxx 600 Cars & Elements index this 12 months after rating on the high every of the final three years.

Sluggish electrification

Ferrari will unveil its first automobile that runs solely on batteries in 2025, Chairman John Elkann mentioned earlier this 12 months, lagging Porsche’s in style Taycan that has been on the street since 2019.

Ferrari will share extra particulars on its plans throughout a capital markets day subsequent 12 months.

The corporate may even begin gross sales of its first SUV, the Purosangue, in 2022 — years after the Bentley Bentayga and the Lamborghini Urus.

In June, Ferrari unveiled its second plug-in hybrid, the 296 GTB, although many analysts nonetheless think about the tempo of electrification to be too sluggish.

Elkann, Ferrari’s chairman, appearing CEO and chief of the billionaire Agnelli clan, has a profitable historical past hiring shock candidates.

In 2004, he tapped Sergio Marchionne to affix Fiat and Ferrari from SGS, a Geneva-based product-testing firm. Marchionne efficiently remodeled Fiat and ultimately mixed it with Chrysler.

Louis Camilleri, Ferrari’s former CEO, was additionally an outsider having beforehand labored for cigarette maker Philip Morris Worldwide.

Reuters contributed to this report