Marchionne 'cautious' on Ferrari targets

(supersedes previous)(ANSA) - Turin, May 2 - Ferrari President and CEO Sergio Marchionne said Monday management is "cautious" on the luxury carmaker's 2016 targets. Ferrari earlier said Q1 net profits were up 19%, earnings rose 8.8%, and total deliveries increased 15% to 1,882 units. The luxury carmaker also revised upwards its 2016 targets: more than 7,900 deliveries, including supercars; net earnings of three billion euros; EBITDA over 800 million euros; and net industrial debt under 730 million euros.
    Speaking during a conference call with analysts, Marchionne added that Q1 results were "incredibly strong", new product launches will continue "as expected" and deliveries are "going well".
    Also on Monday, Amedeo Felisa retired after 26 years as CEO of Ferrari and his post was taken by Marchionne, who is also Ferrari president. Felisa will remain on the Ferrari board as technical consultant.