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Fiat Chrysler Automobiles Q3 profits rise 7%

Fiat Chrysler Automobiles Q3 profits rise 7%

Fiat Chrysler Automobiles today reported a slightly lower-than-expected rise of 7 percent in third-quarter operating profit as weaker margins in North America compounded a slowdown in Latin America, but the automaker stuck to its full-year guidance of a 14 percent rise in operating profit, excluding one-off items.

FCA said operating profit in the quarter rose to €926 million ($1.18 billion). This compares with a consensus forecast of €940 million, based on a survey of eight analysts.

Revenues rose to €23.6 billion from €20.7 billion, above an analyst forecast of €22.3 billion. Net industrial debt rose higher than expected to €11.4 billion at the end of September, up from €9.7 billion at the end of June.

FCA’s Milan-listed shares turned negative after the release and were down 4.07 percent at €7.32 by 12:38 CET, underperforming a 1 percent fall in Milan’s blue-chip index.

In May, Fiat Chrysler CEO Sergio Marchionne laid out plans for €55 billion ($76.6 billion) in investments at FCA to transform Alfa Romeo, Maserati and Jeep into global brands and more than double profit in the next five years.

Marchionne’s goals also include boosting yearly deliveries for the newly merged group 61 percent to 7 million vehicles in 2018. The company forecast 2018 earnings before interest and taxes of €8.7 billion to €9.8 billion, up from €3.5 billion last year.