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FCA’s Pretax Earnings Double
Fiat Chrysler Automotive NV reports its adjusted earnings before interest and taxes zoomed to €1.4 billion ($1.5 billion) in the first quarter from €700 million January-March 2015.
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Fiat Chrysler Automotive NV reports its adjusted earnings before interest and taxes zoomed to €1.4 billion ($1.5 billion) in the first quarter from €700 million January-March 2015.
Revenue for the period rose 3% to €26.6 billion ($30 billion), aided by strong demand in the U.S. for pickup trucks and SUVs. Worldwide unit deliveries slipped 1% to 1.09 million units.
Net profit, adjusted to exclude FCA’s now-independent Ferrari unit, leaped to €528 million ($608 million) from €31 million in last year’s first quarter. But the company says the cost of new-model launches, unfavorable exchange rates and slumping car sales in the U.S. hiked its net industrial debt by €1.5 billion to €6.6 billion ($7.5 billion).
FCA reports its profit margin in North America doubled to 7.2% in January-March. The company also posted a $12 million profit in Latin America, reversing a $73 million loss there a year earlier. In Asia Pacific, profits plummeted 82% to $14 million, as unit shipment fell 47% and revenue shrank 37%.
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