Mexican Media Brands
Fiat Profit Soars 155% on Chrysler Gains
Fiat SpA reported net income of €286 million ($369 million) in the third quarter of 2012 compared with €112 million ($145 million) in the same period last year.
#economics
Share
Fiat SpA reported net income of €286 million ($369 million) in the third quarter of 2012 compared with €112 million ($145 million) in the same period last year. Strong earnings at affiliate Chrysler Group more than offset losses at Fiat's European operations.
Companywide revenue climbed 16% year on year to €20.4 billion ($26.3 billion) in the July-September period. Trading profit rose 11% to €951 million ($1.2 billion).
Without Chrysler's contributions, Fiat revenue slipped 4% to €8.5 billion ($11 billion), trading income operating profit plus investment results dropped by nearly two-thirds to €105 million ($136 million) and its net loss widened 34% to €281 million ($363 million).
In Europe the company's mass-market brands Alfa Romeo, Fiat, Chrysler, Dodge, Jeep, Lancia and Ram doubled their trading loss to €238 million ($307 million) in the latest quarter. Revenue fell 13% to €3.8 billion ($4.9 billion).
North American trading income from mass-market marques soared 67% to €660 million ($852 million). Revenue jumped 38% to €10.8 billion ($13.9 billion). In Latin America, trading earnings slid 14% to €341 million ($440 million), and sales increased 4% to €3 billion ($3.9 billion).
Asia-Pacific trading profit doubled to €73 million ($94 million) in Asia Pacific. Revenue climbed 39% to €830 million ($1.1 billion), driven mainly by the Chrysler and Jeep brands. The latter accounted for 69% of Fiat's volume in the region.
Fiat now expects full-year results at the low end of previously predicted ranges. That includes revenue of €83 billion ($107 billion) and net profit of more than €1.2 billion ($1.5 billion).
RELATED CONTENT
-
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.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
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