For the first since becoming part of the Fiat Group, Maserati managed to beat Ferrari in terms of quarterly profit, mainly because the latter had to allot money for the severance pay of Chairman Luca Cordero di Montezemolo. For the quarter, Maserati posted EUR90 million ($115 million) in operating profit (EUR43 million in third quarter of 2013).
On the other hand, Ferrari logged EUR89 million in operating profit for the same period this year. According to Fiat Chrysler Automobiles, parent of both carmakers, Ferrari’s results for the quarter were hit by the EUR15 million it has allocated as part of the severance package for Montezemolo, who will receive EUR13.25 million ($17 million) in lump-sum payment by Jan. 31, 2015, agreeing not to compete against Fiat until March 2017.
He will also get EUR13.71 million ($17.5 million) payable over 20 years. FCA chief executive Sergio Marchionne replaced Montezemolo on Oct. 13. Ferrari, however, was still more profitable than Maserati in the first nine months of 2014, posting EUR274 million in operating profit.
On the other hand, Maserati’s results for the period was EUR210 million. While Ferrari has seen its deliveries drop 1 percent in the three-quarter period to 5,280 supercars, Maserati was able to more than triple its sales to 26,428 vehicles, thanks to strong demand for the Ghibli and Quattroporte sedans.