TURIN -- Maserati's quarterly profit topped Ferrari's for the first time since the Modena-based automaker became part of Fiat Group more than 25 years ago. The main reason was that Ferrari took a big financial hit to part ways with former Chairman Luca Cordero di Montezemolo.
Maserati's third-quarter operating profit rose to 90 million euros from 43 million euros in the same period last year, parent Fiat Chrysler Automobiles reported Wednesday. Ferrari's July-to-September operating profit was 89 million euros, up from 88 million euros during Q3 2013.
Fiat said in a statement that Ferrari's third-quarter results were affected by the 15 million euros it set aside as part of Montezemolo's severance package. Fiat said last month that Montezemolo, 67, will receive a lump-sum payment of 13.25 million euros by Jan. 31, 2015, in return for agreeing not to compete against Fiat until March 2017. Montezemolo also will receive 13.71 million euros payable in installments over 20 years.
Fiat Chrysler CEO Sergio Marchionne replaced Montezemolo as Ferrari boss on Oct. 13.
Through three quarters, Ferrari remains the more profitable of the two automakers. From January to September Ferrari's operating profit was 274 million euros compared with Maserati's 210 million euros.
Ferrari's vehicle sales were down 1 percent to 5,280 supercars during the first nine months while Maserati's volume more than tripled to 26,428 vehicles from 7,548 in the same period the year before. Maserati is getting a big boost from the Ghibli and Quattroporte sedans, FCA said.