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Fiat-Chrysler posts Q3 operating profit of $1.2 billion

by Bill Cawthon on

Despite challenging conditions in Europe, Fiat-Chrysler Group posted Q3 of nearly $25 billion and operating profit of $1.2 billion, two thirds of which came from Chrysler.

According to the announcement from Fiat S.p.A., group trading margin increased to 4.8% and net income was $159 million.

Net industrial debt rose to $8.2 billion as a result of payments for the U.S. and Canadian governments’ interests in Chrysler and seasonal working capital absorption. Total available liquidity stands at $29.5 billion. Fiat successfully closed a new revolving credit facility of ~$2.8 billion and issued bonds totaling $2.1 billion.

Fiat has firmed up its full-year guidance, expecting operating profit to be more than the previously announced $2.98 billion with revenues of $82.3 billion and net income of $2.4 billion. Net industrial debt is forecast between $7.09 billion and $7.9 billion.

Revenues reflect the contribution from Chrysler for the first full quarter. Fiat, excluding Chrysler, improved top-line performance by more than 4% over the prior year, with Fiat Group Automobiles resilient, despite challenges in the European car markets. Luxury & Performance brands continued their positive trend, as did Components.

Excluding Chrysler, trading margin also improved year-over-year to 3.3% from 3.0%.

Net profit was $1.2 billion, including $80.8 million in net unusual charges and a $195.7 million loss in the mark-to-market of the two Fiat stock-option related equity swaps. Excluding these two charges, net profit was ~$425.4 million.

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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