Q2 2020 AFFECTED BY COVID-19, BUT IN LINE WITH EXPECTATIONS,
FULL YEAR GUIDANCE NARROWED WITHIN THE PREVIOUS RANGE
Ferrari N.V. (NYSE/MTA: RACE) today announces its consolidated preliminary results for the second quarter and six months ended June 30, 2020, summarized as follows:
- Total shipments of 1,389 units, halved versus prior year, as a result of both production and delivery suspensions
- Net revenues of Euro 571 million, decreased by 42.0%
- Adj. EBITDA of Euro 124 million, with an Adj. EBITDA margin of 21.9%
- Adj. EBIT of Euro 23 million, with an Adj. EBIT margin of 4.0%
- Negative industrial free cash flow of Euro 158 million, due to ongoing investments, inventory build up and actions to support the distribution network
The Company also narrows its guidance for the full year 2020. This guidance reflects an updated assessment of the projected impact of the Covid-19 pandemic on the Company’s supply chain and the resulting delay in the full production ramp up of the SF90 Stradale:
| Narrowed 2020 Guidance versus previous May 2020 Guidance: |
- Net revenues: > Euro 3.4 billion (from Euro 3.4-3.6 billion)
- Adj. EBITDA: Euro 1.075-1.125 billion (from Euro 1.05-1.20 billion)
- Adj. EBIT: Euro 0.65-0.70 billion (from Euro 0.6-0.8 billion)
- Adj. diluted EPS: Euro 2.6-2.8 per share (from Euro 2.4-3.1 per share)
- Industrial free cash flow: Euro 0.10-0.15 billion (from Euro 0.1-0.2 billion)
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More information in the attached press release.
