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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.
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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).
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