MILAN (Reuters) – Luxury sports car maker Ferrari (RACE.MI) cut its 2020 core profit forecast on Monday due to disruption caused by the coronavirus pandemic, which it said would mainly hit second quarter results.
FILE PHOTO: Ferrari Roma is unveiled during its first world presentation in Rome, Italy, November 14, 2019. REUTERS/Guglielmo Mangiapane
The company, known for its red Formula One racing cars and its prancing horse logo, said it now expected adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to edge down from 2019 levels to 1.05-1.20 billion euros.
In February, Ferrari had projected an increase