FCA’s First-Quarter Profit Jumps 27%

Fiat Chrysler Automobiles NV reports its adjusted net profit in January-March surged 27% to €671 million ($731 million).

Consolidated vehicle shipments for the period slipped 1% to 1.08 million units. But gains in Europe and a global swing in the sales mix from cars to more profitable SUV/crossovers and pickup trucks boosted revenue 4% to €27.7 billion ($30.2 billion).

FCA’s earnings before interest and taxes advanced 11% to a record-high €1.5 billion ($1.7 billion) on gains in all markets except Latin America. The company reports that its net industrial debt expanded 11% to €5.1 billion ($5.6 billion).

Adjusted first-quarter EBIT in Europe soared 85% to €178 million ($194 million). Vehicles shipments grew 12% to 340,000 units, thanks to new or updated models. Net revenue 12% to €5.6 billion ($6.1 billion).

In North America, the company’s adjusted EBIT advanced 1% to €1.2 billion ($1.4 billion) in January-March. Revenue was unchanged at €17.1 billion ($18.6 billion) in spite of a 6% decline to 609,000 vehicle wholesales.

FCA reiterates its full-year guidance of net revenue between €115 billion and €120 billion, adjusted EBIT greater than €7 billion and adjusted net profit in excess of €3 billion.