Fiat Chrysler raises earnings forecasts after Q3 results

Posted at 9:59 AM, Oct 25, 2016
and last updated 2016-10-25 09:59:00-04

Fiat Chrysler Automobiles increased its earnings forecast after returning to a profit in the third quarter, driven by strong results in North America.

Fiat Chrysler reported Tuesday an adjusted net profit of 606 million euros ($659 million), compared with a loss of 387 million euros in the same period last year. Revenues were flat at 26.8 billion euros, with deliveries down marginally to 1.12 million units.

The group raised its profit forecasts to above 2.3 billion euros from above 2 billion euros, while confirming net revenues of above 112 billion euros.

North America accounted for two-thirds of revenues, notwithstanding an 8 percent decrease in shipments as the carmaker realigns its product offer in favor of Jeep and Ram.

Results in Europe and Asia and for luxury brand Maserati showed improvements.