MILAN — Ferrari maintained secure profitability earlier than the supercar maker installs an government little recognized throughout the auto {industry} to boost the corporate’s recreation 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 yr earlier, Ferrari mentioned Monday.

Shipments in the course of the quarter nearly doubled from a yr in the past to 2,685 models, and have been nearly flat in comparison with 2019, earlier than coronavirus lockdowns hit.

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

However it left forecasts for internet revenues and earnings unchanged, regardless of saying earlier this yr it was “assured” of reaching the highest finish of its 2021 steering.

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 target for the period of battery expertise and digital companies. The 52-year-old will be 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 programs, counting the world’s greatest auto provider Robert Bosch as a buyer.

Amongst his priorities will probably be balancing the needs 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 yr, 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 yr after rating on the high every of the final three years.

Gradual electrification

Ferrari will unveil its first automobile that runs totally on batteries in 2025, Chairman John Elkann mentioned earlier this yr, 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 yr.

The corporate may also 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 take into account 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 reworked Fiat and finally 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