Mexican Media Brands
Tax Break Doubles Ferrari’s Net Earnings
Ferrari NV reports that a one-time tax deal in Italy doubled its net earnings in the third quarter to €287 million ($327 million).
#economics
Share
Ferrari NV reports that a one-time tax deal in Italy doubled its net earnings in the third quarter to €287 million ($327 million).
The jump was caused by Italy’s Patent Box agreement, which covers copyrights, design and other intellectual property in 2015-2017. When the deal is excluded, Ferrari’s earnings in July-September rose 5% to €146 million ($166 million).
The company’s third-quarter sales rose 11% to nearly 2,300 supercars. Revenue was flat at €838 million ($955 million). Ferrari confirms its full-year guidance for more than 9,000 unit sales and revenue greater than €3.4 billion ($3.9 billion).
RELATED CONTENT
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.