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Sluggish Results for Fiat
Fiat SpA's third-quarter revenue rose 1% to €29.7 billion, hiking net profit 11% to €189 million.
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Fiat SpA's third-quarter revenue rose 1% to €29.7 billion, hiking net profit 11% to €189 million.
The group's Chrysler affiliate contributed 59% of the revenue and offset a €247 million loss by Fiat for the period.
Group shipments fell 8% to 996,000 vehicles, and trading profit dropped 9% to €816 million, primarily because of unfavorable currency exchange rates.
Fiat says third-quarter revenue jumped 38% to €992 million for its Ferrari and Maserati brands. For the group's mass-market models, revenue rose 2% to €11 billion in North America, 1% to €3.9 billion in Europe and 45% to €1.2 billion in Asia Pacific.
Group revenue shrank 17% in Latin America in July-September. Fiat's components business shrank 4% to €1.9 billion.
Fiat adjusted its full-year guidance downward. The company now expects revenue of about €88 billion (from €88 billion-€92 billion), a trading profit of €3.5 billion-€3.8 billion (from €4 billion-€4.5 billion) and a net profit of €900 million-€1.2 billion (from €1.2 billion-€1.5 billion).
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