Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.