Ferrari: cuts profit and revenue guidance for 2020

(CercleFinance.com) - On Monday Ferrari lowered its 2020 profit and revenue guidance, citing the current "constraints" and "uncertainties," as it reported lower first-quarter results.


For 2020, the Italian luxury sports car maker said it now expects its net revenues to come in between 3.4 billion euros and 3.6 billion euros.

The Maranello-based company previously expected annual revenues of over 4.1 billion euros.

Ferrari said adjusted Ebitda is likely to be between 1.05 billion euros and 1.20 billion euros this year, lowering its previous guidance range of 1.38 billion-1.43 billion euros.

Ferrari reported a 2% rise in first-quarter adjusted EBITDA at 317 million euros, on a 1% drop in revenues to 932 million euros.

Its shares were down 3.6% in Milan after these announcements.

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