MILAN: Luxury sports car maker Ferrari still expects to make more than US$1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis.
Ferrari shares closed up 1.5per cent at 154.50 euros, having fallen over 5per cent immediately after news of the downgrade. By contrast, Europe's auto index closed down 4.4per cent. The CEO said projections relied on Ferrari's ability to retain a"very strong" order book, adding that as of now it had not received any"abnormal or untoward" cancellations.Ferrari, whose origins date back to 1929, said it now expected industrial free cash flow of 100-200 million euros this year, compared with 400 million euros or more previously.
Ferrari's two plants, both located in Italy's northern Emilia Romagna region, had been closed since mid March.
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