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FCA Raises Outlook on Record Third-Quarter Results
Fiat Chrysler Automobiles NV’s unit sales in the third quarter slipped 1% to 1.12 million vehicles, and revenue was flat at €26.8 billion ($29.2 billion). But the company’s adjusted net profit tripled to €740 million ($804 million).
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Fiat Chrysler Automobiles NV’s unit sales in the third quarter slipped 1% to 1.12 million vehicles, and revenue was flat at €26.8 billion ($29.2 billion). But the company’s adjusted net profit tripled to €740 million ($804 million).
FCA’s adjusted earnings before interest and taxes for the period jumped 29% to a record €1.5 billion ($1.6 billion). The company reported gains in all markets except Latin America.
The company again raised its full-year earnings guidance based on strong operating results. FCA now expects adjusted EBIT greater than €5.8 billion compared with more than €5.5 billion. Adjusted net profit is now expected to exceed €2.3 billion from more than €2.0 billion. The carmaker left its net revenue forecast unchanged at more than €112 billion.
FCA’s vehicle sales in North America dipped 2% to 656,000 units in the third quarter, and net revenue declined 5% to €16.8 billion ($18.3 billion). In South America, unit sales dropped 17% to 124,000 vehicles. But revenue shrank only 2% to €1.5 billion ($1.6 billion).
Third-quarter sales in Europe rose 8% to 310,000 cars, and revenue grew 10% to €5.1 billion ($5.5 billion). The company hiked its share of the region’s passenger car market to 6.1% from 5.7% in the same period last year.
In Asia Pacific, FCA's unit sales jumped 27% to 61,000 units, and net revenue advanced 2% to €861 million ($935 million). Unit volume in July-September soared 52% to 335,000 vehicles in China.
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