Fiat Chrysler stuck to its full-year profit guidance on Wednesday after operating profits topped expectations in the second quarter, with record results in the North American market helping it to defy an industry slowdown.
Demand for pick-up trucks in North America drove profits at Fiat Chrysler higher by 14 per cent in the second quarter of the year, despite an 11 per cent fall in car sales globally. Net profit for the quarter was €793m, while group revenues fell 3 per cent to €26.7bn, as sales in every region slipped.
In its first earnings release since a failed attempt to merge with France’s Renault, FCA said it was confident its adjusted earnings before interest and tax would top last year’s 6.7 billion euros.
Its European arm posted a €22m profit amid a 10 per cent sales fall, while losses improved at the Asian region to €12m. Its luxury Maserati nameplate remained in the red, with a €119m loss for the quarter, while sales halved.
Via Reuters / Financial Times
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