Ferrari trims full-year outlook after earnings skid in second quarter

Luxury carmaker Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income plunged due to supply chain and production disruptions during the coronavirus pandemic.

However the guidance review from the company known for its"prancing horse" symbol proved marginal and results left analysts upbeat on its performance, which also confirmed it expected to generate positive free cash flow this year.Analysts at Morgan Stanley said given the circumstances second-quarter results were strong from the company, maker of high performance models such as the F8 Spider, the 1,000 horse power SF 90 Stradale hybrid and top-selling Portofino grand tourer.

Milan-listed shares in Ferrari rose as much as 3.3per cent after briefly falling after the results. They were up 2.9per cent at 1250 GMT. The company said it now expected full-year adjusted EBITDA of between 1.075 billion euros and 1.125 billion, versus the already-cut guidance it provided in May for adjusted EBITDA of between 1.05 billion and 1.20 billion.

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