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Ferrari third-quarter profit doubles on one-off tax break

MILAN — Ferrari says its net earnings doubled in the third quarter thanks mostly to one-off tax benefit. The sports car maker said Monday that net earnings were 287 million euros ($327 million) compared with 141 million euros a year earlier. The company said earnings grew 5 percent when excluding the so-called patent box tax break, agreed on with Italian authorities, covering use of copyrights, patents, trademarks, design and know-how. Deliveries were up 11 percent to 2,262 vehicles driven by sales of the 812 Superfast and the Ferrari Portofino, with revenues flat at 838 million euros. Europe and Middle East sales were up by double digits to 1,005. The Americas grew by 5 percent and greater China by 7 percent. Ferrari forecast full-year sales at over 9,000 cars with profits of 1.1 billion euros.Related Video:

Take a video tour of the Ferrari F12 TdF's V12 engine

Ferrari's transformation of the F12 Berlinetta from a handsome GT into a road-devouring monster – the F12 TdF – seems impressive. To make sure the engine has a wail to match the threatening exterior, the Italians massaged the 6.3-liter V12 up to 769 horsepower and 520 pound-feet of torque. It now redlines at a screaming 8,900 rpm, and propels the coupe to 62 miles per hour in just 2.9 seconds. This new video takes viewers inside the upgraded mill to illustrate how these improvements were made. Among the host of changes, the intake receives variable-geometry intake trumpets. Even in his computer-animated video, they're amazing to watch in action. Ferrari has some other tricks too, though. Let the company show you the benefits of all the tweaks in this clip.

FCA likely won't sell more than 10% of Ferrari stake

The initial public offering of Ferrari on the stock market is likely coming in the second or third quarter of this year, but apparently the exact stake of the Prancing Horse set to hit the exchange isn't final. When FCA first announced the plan to spin off Ferrari, the idea was for 10 percent of the stock to go on the open market in the US and maybe also in Europe. Another 10 percent would go to company vice chairman and Enzo's son Piero Ferrari, and the remaining 80 percent would be divided among current shareholders, including a large portion for the Agnelli family. FCA CEO Sergio Marchionne hasn't finished tweaking those numbers, though. Last month, he indicated the automaker might put more than 10 percent of Ferrari on the market to boost liquidity. However, the original proposal has now returned to the table. "I don't believe we will go above 10 percent," Marchionne said, according to Automotive News, but also noted things weren't final. By increasing the Ferrari stock on the open market for the IPO, FCA decreases the amount going to current shareholders, according to Automotive News. With that being the case, don't expect too much of the Prancing Horse to be offered up to investors when the stock hits the market. Related Video: