Luxury carmaker Ferrari trims forecasts after second-quarter profit falls

MILAN (Reuters) – Italian luxury carmaker Ferrari trimmed its sales forecasts for this year on Monday, after reporting decreasing, albeit in line with expectations, core earnings in the second quarter due to the coronavirus pandemic.

The ‘Cavallino Rampante’, or ‘Prancing Horse’, said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 1.075 billion euros ($1.26 billion)and 1.125 billion euros this year.

That compare with the already-cut guidance it provided in May for an adjusted EBITDA between 1.05-1.20 billion euros.

Milan-listed shares in Ferrari were down 0.6% at 1135 GMT, after rising up to 2.2% before results were released.

(Reporting by Giulio Piovaccari, editing by Stephen Jewkes)