FCA Posts First-Quarter Profit on Chrysler Gains

Fiat Chrysler Automobiles NV reports first-quarter net income of €92 million ($103 million), reversing a loss of €173 million for the same period in 2014 when the company was completing its merger.

Net revenue rose 19% to €26.4 billion ($29.4 billion). Adjusted earnings before interest and taxes climbed 22% to €800 million ($892 million).

FCA's global vehicle shipments slipped 2% to 1.1 million units. Revenue jumped 19% to €26.4 billion ($29.4 billion) or 4% when the effect of currency exchange rates is included.

The company's first-quarter results were buoyed by its Chrysler operations in North America. The unit hiked revenue 38% to €16.2 billion ($18 billion). Adjusted EBIT leaped 58% to €601 million ($670 million).

In Europe, FCA's revenue rose 8% year on year to €4.7 billion. Adjusted EBIT of €25 million reversed a loss of €72 million in the first quarter of 2014.

Revenue in Latin America plunged 21% to €1.6 billion in January-March. Adjusted EBIT swung from a positive €44 million to a negative €65 million.

In Asia Pacific, group revenue advanced 1% to €1.5 billion. Adjusted EBIT fell to €65 million from €135 million in the same period last year.

FCA confirms its previous expectations for 2015: vehicle shipments of 4.8 million-5.0 million, net revenue of about €108 billion and adjusted EBIT of €4.1 billion-€4.5 billion. The company expects a net profit for the full year of €1 billion-€1.2 billion.