Ferrari Q2 Profit Drops; Narrows 2020 Guidance
Ferrari N.V. (RACE) reported that its second-quarter net profit dropped to 9 million euros from 184 million euros in the previous year, mostly due to the Covid-19 impact on Volumes. Adjusted earnings per share for the quarter were 0.04 euros compared to 0.96 euros in the corresponding prior year period.
Shipments totaled 1,389 units in the second quarter of 2020, down 1,282 units or 48.0% versus prior year, impacted by the disruptions of the Covid-19 pandemic, including production suspension and dealers’ closure during the initial part of the quarter.
Net revenues for the second quarter were 571 million euros, down 42.6% at constant currency. Cars and spare parts revenues were 450 million euros, down 41.3% or 42.0% at constant currency from last year, due to the Covid-19 production suspension that led to lower deliveries as well as a lower contribution from personalizations, partially offset by deliveries of the Ferrari Monza SP1 and SP2.
The company narrowed its guidance for the full year 2020. The guidance reflects an updated assessment of the projected impact of the Covid-19 pandemic on the Company’s supply chain and the resulting delay in the full production ramp up of the SF90 Stradale.
The company now expects adjusted earnings per share for fiscal year 2020 to be in the range of 2.6 euros – 2.8 euros, compared to the prior outlook of 2.4 euros – 3.1 euros per share.
The company now projects annual net revenues to be more than 3.4 billion euros compared to previous guidance of 3.4 billion euros to 3.6 billion euros.
Philippines closes in on Indonesia for most COVID-19 in SE Asia
The Philippines has reported more than 3,200 new coronavirus infections, pushing it close to Indonesia as the worst-hit county in Southeast Asia.
The Philippines has reported more than 3,200 new coronavirus infections in the past day, pushing it close to overtaking Indonesia as the worst-hit county in Southeast Asia.
Tougher restrictions are already being reimposed in and around Manila, after infections jumped to more than 100,000.
Al Jazeera’s Jamela Alindogan has more.
Jacobs Engineering Group Inc. Q3 adjusted earnings of $1.40 per share
Jacobs Engineering Group Inc. (J) reported earnings for third quarter that dropped from last year.
The company’s bottom line came in at $244.93 million, or $1.87 per share. This compares with $524.08 million, or $3.80 per share, in last year’s third quarter.
Excluding items, Jacobs Engineering Group Inc. reported adjusted earnings of $183.29 million or $1.40 per share for the period.
The company’s revenue for the quarter rose 2.8% to $3.26 billion from $3.17 billion last year.
Jacobs Engineering Group Inc. earnings at a glance:
-Earnings (Q3): $183.29 Mln. vs. $624.96 Mln. last year.
-EPS (Q3): $1.40 vs. $4.53 last year.
-Revenue (Q3): $3.26 Bln vs. $3.17 Bln last year.
Full year EPS guidance: $5.05 to $5.30
Lunch Special: Denver sports live chat with Mark Kiszla – The Denver Post
Got a question about Colorado sports? The Denver Post’s Mark Kiszla is discussing all things Denver sports in a live Lunch Special chat, scheduled to begin at noon on Monday, Aug. 3, 2020.
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National Retail Properties, Inc. Q2 adjusted earnings Beat Estimates
National Retail Properties, Inc. (NNN) reported a profit for second quarter that declined from the same period last year.
The company’s bottom line totaled $41.78 million, or $0.24 per share. This compares with $70.10 million, or $0.43 per share, in last year’s second quarter.
Excluding items, National Retail Properties, Inc. reported adjusted earnings of $83.24 million or $0.49 per share for the period.
Analysts had expected the company to earn $0.31 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 0.7% to $163.70 million from $164.79 million last year.
National Retail Properties, Inc. earnings at a glance:
-Earnings (Q2): $83.24 Mln. vs. $112.62 Mln. last year.
-EPS (Q2): $0.49 vs. $0 last year.
-Analysts Estimate: $0.31
-Revenue (Q2): $163.70 Mln vs. $164.79 Mln last year.
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Vietnam battles second pandemic wave
Vietnam has placed a second city into lockdown due to a rise in coronavirus infections after being virus-free for months.
Vietnam has placed a second city into lockdown due to a rise in coronavirus infections after being virus free for months. The pandemic has spread across the country over the past two weeks, including in three cities. More than 600 people are infected and six have died.
Al Jazeera’s Raheela Mahomed has more.