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Fiat’s Sales Rise, But Profit Sags
Fiat SpA's second-quarter revenue rose 5% to €23.3 billion, and worldwide vehicle shipments advanced 2% to 1.2 million units.
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Fiat SpA's second-quarter revenue rose 5% to €23.3 billion, and worldwide vehicle shipments advanced 2% to 1.2 million units.
But earnings before interest and taxes dropped 10% to €961 million. Net income plunged to €197 million from €435 million in the second quarter last year.
The company's quarterly revenue in North America rose 7%. But EBIT plunged 18% on higher advertising costs, more spending on sales incentives and unfavorable exchange rates. In Brazil, Fiat's revenue dropped 23% and EBIT plummeted 72%.
Fiat reiterates its full-year EBIT target of €3.6 billion-€4 billion compared with €3.4 billion in 2013.
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