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FCA’s Net Profit Drops 47%
First-quarter net profit from continuing operations at Fiat Chrysler Automobiles NV plunged 47% to €508 million ($567 million), as revenue fell 5%.
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First-quarter net profit from continuing operations at Fiat Chrysler Automobiles NV plunged 47% to €508 million ($567 million).
Revenue declined 5% to €24.5 billion, as wholesales slumped 14% to 1.04 million cars and trucks. The lower volume shrank adjusted pretax earnings 29% to €1.1 billion ($1.2 billion).
On a regional basis, unit shipments in January-March fell 14% in North American, 30% in Asia Pacific, 12% in Europe and 9% in Latin America. FCA says the declines were partly offset in North America by a richer sales mix and surging popularity of its Ram fullsize pickup trucks (pictured).
CEO Mike Manley, who warned earlier that first-half results would be weak, affirms the company’s full-year guidance. He says new Jeep SUV and truck models will help buoy revenue. The carmaker also predicts positive results from a restructuring of operations in Asia.
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