For the first quarter of 2020, shipments rose by 4.9% backed by higher sales of 8 cylinder models (V8) and of 12 cylinder models (V12), despite deliveries being suspended earlier than expected due to the COVID-19 pandemic.
The company revised its guidance for the full year 2020 that reflects the projected impact of the COVID-19 pandemic. This will primarily impact second-quarter results and provides for a harsh reduction in Formula 1 brand and Maserati engines’ revenue and earnings.
For 2020, Ferrari lowered its net revenue outlook to the range of EUR3.4-3.6 billion from the prior estimate of more than EUR4.1 billion, and adjusted EPS guidance to the range of EUR2.4-3.1 from the previous range of EUR3.90-3.95.
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