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Fiat Q2 financial results

by Bill Cawthon on

Yesterday, in Belo Horizonte, Brazil, the board of directors of Fiat S.p.A. approved the company’s second-quarter financial results. For the first time, Chrysler Group’s results (from June 1, 2011) are incorporated into the report. The following are highlights from the report:

The newly consolidated Fiat-Chrysler Group had second-quarter (Q2) revenues of €13.2 billion (nearly $19.1 billion) and a trading profit of €525 million ($759.4 million). Net income of €1.2 billion ($1.8 billion) was enhanced by the acquisition of a controlling interest in Chrysler. Revenues reflect double-digit growth from both Luxury & Performance brands and Components & Production Systems. Fiat Group Automobiles increased by 2.7%.

Net industrial debt totaled €3.4 billion ($4.9 billion); consolidated liquidity stood at €19.2 billion ($27.7 billion).

With the consolidation of Chrysler and growth in Fiat’s other businesses, the company is upgrading its 2011 guidance. Revenues are now expected to exceed €58 billion ($83.9 billion) with a trading profit of about €2.1 billion ($3 billion) and net income of approximately €1.7 billion ($2.5 billion). Industrial debt is expected to be in the range of €5.0 billion to €5.5 billion ($7.2 billion to $8 billion).

Chrysler was a significant contributor to the results: single-month revenues were €3.3 billion ($4.8 billion); trading profit was €150 millon ($217.1 million).

Excluding Chrysler, Fiat reported that revenues increased 6.5% to €10 billion ($14.5 billion) and trading profit was up 22.1% to €375 million ($542.6 million) in spite of difficult economic conditions in Europe.

Fiat Group Automobiles (FGA: includes Abarth, Alfa Romeo, Fiat, Fiat Professional and Lancia) reported revenues up 2.7% to €7.6 billion ($11 billion), with 568,400 passenger cars and light commercial vehicles shipped during the second quarter, 2.5% ahead of Q2 2010. Though European demand for passenger cars remains weak (FGA share dropped 0.3% to 7.2% of the market, mostly due to a 0.8% decline in Italy, where share is 29.5%) improvement came from higher light commercial vehicle sales, the continued success of the Alfa Romeo Giulietta and the brand’s strong performance in Brazil.
Fiat Professional maintained a leading position in Europe with a 14.4% share, its best ever Q2 performance. In Brazil, Fiat remained the market leader, with overall share at 22.6 percent. 2.8 points over its nearest competitor.

The luxury and performance brands, Ferrari and Maserati, posted mixed results. Ferrari revenues rose 20.4% to €589 million ($851.7 million); Maserati revenues fell 3.4% to €168 million (242.9 million) but were stable on a constant currency basis.

Components and Production Systems, including Magneti Marelli and Comau Systems, had revenues of €3.2 billion ($4.6 billion), up 10.2% from Q2 2010. All units posted solid year-over-year growth. Magneti Marelli grew its revenues 10% to €1.5 billion ($2.2 billion).

Note: All monetary conversions are approximate and based on exchange rate on 7/27/2011

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.


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