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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).
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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).
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