Ferrari: cuts annual estimates
(CercleFinance.com) - On Monday Ferrari trimmed its annual earnings forecast following a sharp fall in sales and earnings in the second quarter.
The Italian car manufacturer now says that it expects EBIT to be 650-700 million euros this year, while it previously expected 600-800 million euros.
In Q2, Ferrari saw its adjusted Ebit collapse 90% to 23 million euros, compared with EUR 239 million in the same period in 2019.
The company's net sales fell 42% to 571 million euros, while its deliveries of vehicles fell by 48% to 1,389 units in April-June.
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