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Fiat Posts a First-Quarter Loss
Fiat SpA reports a net loss of €319 million in January-March 2013 compared with a profit of €31 million in the same quarter last year.
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Fiat SpA reports a net loss of €319 million in January-March 2013 compared with a profit of €31 million in the same quarter last year.
The loss includes the effect of devaluing Venezuela's currency and the cost of paying off a note held by the union healthcare trust that once owned nearly 42% of Fiat's Chrysler Group unit.
Without those burdens, Fiat says, it would have earned €71 million for the period compared with €78 million a year earlier.
The company's first-quarter revenue grew 12% to €22.1 billion. Its trading profit (profit excluding interest, taxes and special items) slipped 1.4% to €622 million. Earnings before interest, taxes, depreciation and amortization dropped 27% to €1.2 billion.
Fiat confirms its previous full-year guidance of about €93 billion in revenue and a trading profit between €3.6 billion and €4 billion.
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