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Ferrari slashes 2020 earnings forecast of COVID-19 pandemic

Italy covid-19 testing pandemic crisis
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SOAVE – Luxury sports carmaker Ferrari on Monday lowered its full-year earnings guidance significantly due to the COVID-19 pandemic, and acknowledged that the new outlook assumes a sharp recovery in the second half of the year.

Ferrari, which is based in the Emilia Romagna region that is one of the hardest-hit by the coronavirus in Italy, lowered its guidance for net revenues to between 3.4 billion euros and 3.6 billion euros from 4.1 billion euros previously.

It cut its forecast for adjusted earnings before interest, taxes, depreciation and amortization to a top range of 1.2 billion euros from a top range of 1.43 billion euros.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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