Ferrari 2Q Net Profit Plunged; Backs 2020 View
03 Agosto 2020 - 2:30PM
Dow Jones News
By Kim Richters
Ferrari NV said Monday that its second-quarter net profit fell
significantly amid the coronavirus pandemic, but it backed its
guidance for the year.
Net profit for the quarter was 9 million euros ($10.6 million)
compared with EUR184 million a year earlier, the Italian sports-car
maker said.
Earnings before interest and taxes declined 90% to EUR23
million.
Revenue fell 42% to EUR571 million, partly due to
pandemic-related production suspensions that led to lower
deliveries in its cars and spare-parts business.
The company backed its guidance for 2020, narrowing it within
the previous range to reflect better visibility.
It said it now expects revenue for the year to be greater than
EUR3.4 billion, adjusted earnings before interest, taxes,
depreciation, and amortization to be EUR1.075 billion-EUR1.125
billion and adjusted EBIT of between EUR650 million and EUR700
million.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 03, 2020 08:15 ET (12:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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