By Kim Richters 
 

Ferrari NV said Monday that its second-quarter net profit fell significantly amid the coronavirus pandemic, but it backed its guidance for the year.

Net profit for the quarter was 9 million euros ($10.6 million) compared with EUR184 million a year earlier, the Italian sports-car maker said.

Earnings before interest and taxes declined 90% to EUR23 million.

Revenue fell 42% to EUR571 million, partly due to pandemic-related production suspensions that led to lower deliveries in its cars and spare-parts business.

The company backed its guidance for 2020, narrowing it within the previous range to reflect better visibility.

It said it now expects revenue for the year to be greater than EUR3.4 billion, adjusted earnings before interest, taxes, depreciation, and amortization to be EUR1.075 billion-EUR1.125 billion and adjusted EBIT of between EUR650 million and EUR700 million.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

August 03, 2020 08:15 ET (12:15 GMT)

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