Ferrari NV lowered its year-round profit forecast after the supercar manufacturer was forced to close its plants for seven weeks due to the coronavirus pandemic.
Ferrari, controlled through the investment corporation of the Agnelli family, Exor NV, now sees adjusted earnings before interest, taxes, depreciation and amortization of between 1,075 million euros ($1.27 billion) and 1.125 billion euros in 2020, the corporation announced on Monday. This compares with the forecast of between 1.050 million euros and 1.2 billion euros issued in May.
The luxury automaker’s resolve to adjust diversity, after it declined this year, shows that even the world’s most iconic brands are feeling the pressure. However, the manufacturer of expensive, high-performance cars behaved better than the more mundane passenger car manufacturers, who saw their sales drop. Ferrari remains confident of an uptick at the moment in part thanks to its counterfeit order book.
The stock rose 2.1% to 1:56 p.m. Milan. Ferrari, with Tesla Inc., is one of the few automakers whose shares have risen this year.
The Italian company, which paid all workers the lockout, published an adjusted Ebitda at the time quarter of 124 million euros, in line with analyst estimates of 123.5 million euros. Turnover reached EUR 571 million, up from EUR 574.4 million. The net source of revenue was nine million euros, in excess of the 2.3 million euros envisaged by analysts.
Shipments fell almost in components to 1389 compared to last year’s quarter, due to disruptions of the Covid-19 pandemic. Ferrari suspended production and dealers closed during the first component of the period. The effect on suppliers has also forced it to delay the full production of its next profit generator, the SF90 Stradale.
Ferrari now sees an annual profit of more than 3.4 billion euros, with an earlier forecast of 3.4 billion euros at 3.6 billion euros.
The corporate presented a record of five new models in 2019, adding the Roma coupe, with a fixed 620 horsepower engine in the middle of the front. This helped him increase sales to more than 10,000 games consistent with the year for the first time.