Ferrari Cuts 2020 Profit Forecast on Coronavirus Disruptions
Ferrari (NYSE: RACE) reported solid first-quarter earnings despite the impact of the coronavirus outbreak, but warned that the current quarter is shaping up to be a difficult one, and it cut its profit forecast for the full year.
Ferrari's first-quarter operating profit of 220 million euros ($241.4 million) was down 5% from a year ago, as an increase in deliveries failed to offset the loss of much of the income generated by its Formula 1 racing team after races were canceled.
Ferrari reports its financial results in euros. As of May 4, 1 euro = about $1.09.
Source Fool.com
