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Ferrari said it now saw its 2020 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) edging down from the previous year to between 1.05-1.20 billion euros.
In February, Ferrari had guided for an increase in 2020 EBITDA to between 1.38-1.43 billion euros.
The company, which on Monday restarted operations at its plants in Maranello and Modena, said its adjusted EBITDA rose 1.9% to 317 million euros ($347 million) in the first quarter, broadly in line with a 322 million euro forecast in an analyst poll compiled by Reuters.
The two plants, both located in Italy’s northern Emilia Romagna region, had been closed since mid-March.
Ferrari shares extended losses after the results were published to stand down 5.3% by 1124 GMT.
