Mexican Media Brands
Fiat's 4Q Profit Grew 5%
Fiat SpA posted a consolidated trading profit, which includes its Chrysler Group affiliate, of €931 million for the final quarter of 2013, up 5% from the same period a year earlier.
#economics
Share
Fiat SpA posted a consolidated trading profit, which includes its Chrysler Group affiliate, of €931 million for the final quarter of 2013, up 5% from the same period a year earlier.
Revenue grew 10% to €24 billion. The company's vehicle shipments rose 8% to 1.2 million units.
Chrysler's profitability helped multiply Fiat's net earnings in September-December more than fivefold to €1.3 billion.
Fiat says fourth-quarter revenue from its mass-market brands rose 17% to €13.3 billion in North America and surged 62% to €1.3 billion in Asia Pacific. Revenue slipped 3% to €4.4 billion in Europe and plunged 23% to €2.2 billion in South America.
The company's board opted to help maintain Fiat's liquidity by not issuing a dividend after completing the Chrysler acquisition last week.
For the full year, Fiat Group's consolidated trading profit fell 4% to €3.4 billion. Net income more than doubled to €2 billion, including special items and Chrysler's results. When those two contributions are excluded, Fiat's net loss widened to €911 million from a loss of €787 million in 2012.
The group's revenue grew 3% to €86.8 billion in 2013. Global vehicle shipments advanced 3% to 4.4 million units.
Fiat expects its revenue this year to grow about 7% to €93 billion. It expects an annual trading profit of €3.6 billion-€4 billion, up from €3.4 billion last year but well below of the €4.7 billion-€5.2 billion range it predicted for 2014 two years ago.
Fiat anticipates that its net income this year will fall as much as two-thirds to a range of €600 million-€800 million.
RELATED CONTENT
-
Fuel Economy Gains in July
What you’re looking at here is a sales-weighted fuel economy chart (the numbers in the white boxes represent miles per gallon) that was put together by two diligent researchers, Michael Sivak and Brandon Schoettle, of the University of Michigan Transportation Research Institute.
-
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.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.