Ferrari slashes 2020 earnings forecast because of coronavirus pandemic

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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. CEO Louis Camilleri said the lowered guidance assumes that 75% to 100% of the lost earnings will be booked during the second quarter. Branding revenues also are forecast to suffer with fewer visitors to Ferrari’s museum, amusement parks and shops.

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Ferrari slashes 2020 earnings forecast because of coronavirus pandemic originally appeared on Autoblog on Mon, 4 May 2020 11:22:00 EDT. Please see our terms for use of feeds.

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