{"id":39645,"date":"2020-08-03T20:53:00","date_gmt":"2020-08-03T17:53:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ferraris-orders-accelerate-despite-profit-drop\/"},"modified":"2020-08-03T20:53:00","modified_gmt":"2020-08-03T17:53:00","slug":"ferraris-orders-accelerate-despite-profit-drop","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ferraris-orders-accelerate-despite-profit-drop\/","title":{"rendered":"#Ferrari\u2019s orders accelerate despite profit drop"},"content":{"rendered":"

“#Ferrari\u2019s orders accelerate despite profit drop<\/strong>”<\/p>\n

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August 3, 2020 |<\/span> 1:53pm <\/p>\n

\n Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income fell 60 percent due to the impact of the coronavirus pandemic, but said orders were \u201cvery strong,\u201d sending the luxury carmaker\u2019s shares up nearly 4 percent.<\/p>\n

Chief Executive Louis Camilleri told analysts that last quarter\u2019s order book was up double digits (percentage) in absolute terms, versus the same period of last year.<\/p>\n

\u201cDemands remains vibrant and our order book is up significantly,\u201d Camilleri said.<\/p>\n

The company said its sales in April-June had been hit by production suspensions and significantly lower sponsorship and commercial and brand revenues due to the pandemic, which has caused a slump in car sales around the world.<\/p>\n

That resulted in a 60 percent drop in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to 124 million euros ($145 million) in the second quarter, in line with an average forecast of 120 million euros from analysts polled by Reuters.<\/p>\n

Ferrari now expects full-year adjusted EBITDA of between 1.075 billion-1.125 billion euros, versus the guidance provided in May for adjusted EBITDA of between 1.05 billion and 1.20 billion.<\/p>\n

Morgan Stanley analysts said given the circumstances second-quarter results were strong. \u201cThe full year 2020 guidance, while lowered marginally at the midpoint and below consensus, is extremely high quality and sets up 2021 for a significant year on year (improvement),\u201d they said.<\/p>\n

The company\u2019s shares closed 3.8 percent higher.<\/p>\n

Ferrari, which makes high performance models such as the F8 Spider, the SF 90 Stradale hybrid and top-selling Portofino grand tourer, said it was also hit by the temporary suspension of the Formula 1 season which resulted in a reduced number of races as well as reduced in-store traffic and museum visitors.<\/p>\n

The carmaker, which also guided for a positive free cash flow this year, now expects revenue to top 3.4 billion euros in 2020, versus previous guidance of between 3.4 billion and 3.6 billion.<\/p>\n

Ferrari is also pushing ahead with its strategy of new model roll-out to support growth and profitability, confirming that two new supercars would be unveiled by the end of this year, despite the COVID-19 pandemic.<\/p>\n

\u201cThings are slightly delayed but the plan remains intact,\u201d Camilleri said. \u201cNext year we have some exciting models that will be presented\u201d.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Ferrari\u2019s orders accelerate despite profit drop” August 3, 2020 | 1:53pm Ferrari trimmed its full-year earnings forecast on Monday after second-quarter income fell 60 percent due to the impact of the coronavirus pandemic, but said orders were \u201cvery strong,\u201d sending the luxury carmaker\u2019s shares up nearly 4 percent. Chief Executive Louis Camilleri told analysts that…<\/p>\n","protected":false},"author":1,"featured_media":39646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[48124],"class_list":["post-39645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ferraris-orders-accelerate-despite-profit-drop"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/39645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=39645"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/39645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/39646"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=39645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=39645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=39645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}