Ferrari expects nearly $1.3b profit in 2020 amid pandemic impact

Ferrari NV narrowed the range of its full-year profit guidance toward the lower end after the supercar-maker was forced to shutter factories for seven weeks because of the coronavirus pandemic.

Ferrari, controlled by the Agnelli family’s investment company, Exor NV, now sees adjusted earnings before interest, tax, depreciation and amortisation of between €1.075 billion ($1.27 billion) and €1.125 billion in 2020, the carmaker said yesterday. That compares with the forecast of between €1.05 billion and €1.2 billion issued in May. The luxury carmaker’s decision to adjust the range — after slashing it earlier this year — shows that even the world’s most iconic brands are feeling the pressure.