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U.S. Drives 69% Jump in FCA’s Quarterly Profit
Fiat Chrysler Automobiles NV reports its net profit in the second quarter of 2015 climbed to €333 million ($364 million) from €197 million in the same period last year.
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Fiat Chrysler Automobiles NV reports its net profit in the second quarter of 2015 climbed to €333 million ($364 million) from €197 million in the same period last year. Unit deliveries expanded by only 12,000 units to 1.19 million cars and trucks.
FCA's group revenue in April-June grew 25% to €29.2 billion ($31.9 billion). Results were driven by an 8% increase to 677,000 shipments by its Chrysler arm in North America, which boosted its revenue 40% to $17.2 million. Adjusted earnings before interest and taxes in the region more than doubled to $1.4 billion (€1.3 billion).
Vehicle shipments in Europe grew 13% to 332,000 vehicles in the second quarter, hiking revenue in the region 19% to €5.5 billion. Shipments plunged 32% to 138,000 units in Latin America and 15% to 46,000 in Asia.
FCA increased its full-year revenue forecast to €110 billion from €108 billion. But it left its net profit outlook unchanged at €1 billion-€1.1 billion. The company expects to ship about 4.8 million vehicles in 2015, representing the low end of its previous estimate.
FCA estimates about 175,000 of its 2009-2012 trucks in the U.S. could qualify for a buyback program mandated last weekend by its consent agreement with the National Highway Traffic Safety Administration. CEO Sergio Marchionne says the cost of the program is not expected to surpass $20 million (€18 million).
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