Ferrari trims full-year outlook after Q2 earnings skid – ZAWYA

Ferrari trims full-year outlook after Q2 earnings skid – ZAWYA

Ferrari trims full-year outlook after Q2 earnings skid Ferrari said it was hit by the temporary suspension of the Formula 1 season    MILAN - Luxury carmaker Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income plunged due to supply chain and production disruptions due to the coronavirus pandemic.The company known as the 'Prancing Horse' said production suspensions and "significantly" lower sponsorship and commercial and brand revenues due to the pandemic resulted in a 60% drop in adjusted EBITDA to 124 million euros ($145 million) in the second quarter.That was in line with a Reuters analyst poll of 120 million euros.The company known as the 'Prancing Horse' said production suspensions and "significantly" lower sponsorship and commercial and brand revenues due to the pandemic resulted in a 60% drop in adjusted EBITDA to 124 million euros ($145 million) in the second quarter.MILAN - Luxury carmaker Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income plunged due to supply chain and production disruptions due to the coronavirus pandemic.That was in line with a Reuters analyst poll of 120 million euros.As a result, the company said it now expected full-year adjusted earnings before interest, tax, depreciation and amortization (EBITDA)