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Mopars led FCA growth in 2014

by Bill Cawthon on

According to the 2014 figures released with Fiat Chrysler Automobiles’ full-year financials, Chrysler brands (Chrysler, Dodge, Jeep and Ram) were major players in helping FCA deliver on its promises to analysts.

Worldwide deliveries in the fourth quarter came to 1,215,000 cars and trucks, 44,000 more than in the same period of 2013. Full-year deliveries came to 4,608,000 vehicles, beating 2013 by 256,000. The full-year figure is below the 4.7 million vehicles FCA CEO Sergio Marchionne mentioned to Automotive News publisher Keith Crain in a recent interview, but it is in line with prior company projections.

Jeep-Cherokee-Globe-Web

The four Chrysler brands accounted for 58.6% of total worldwide deliveries.

Jeep made up 22.1% of the total — and, all by itself, accounted for 78.9% of the 256,000 additional vehicles delivered by FCA last year. In Wednesday’s presentation, Marchionne said Jeep was one of the brands he expected to keep the EMEA (Europe, Middle East and Africa) region in the black for all four quarters of 2015. Robust sales of the new Renegade should keep Jeep’s numbers growing in the region.

Dodge took a 16.2% piece of the worldwide pie; while Ram sales, which were almost entirely in North America, making up 12.7% of worldwide deliveries. The Chrysler brand contributed 7.6% to the total. Dodge and Ram — both North America-dominated brands — together were responsible for 28.9% of FCA’s total sales.

The 303,190 additional U.S.-market Jeep and Ram sales, compared with 2013, were enough to cover all of the additional 256,000 FCA worldwide deliveries, with room to spare.

FCA met its full-year guidance for 2014, surprising financial analysts who were expecting a miss.

The company posted an operating profit, adjusted for unusual items, of $4.12 billion on revenues of $108.4 billion. The results were at the low end of FCA’s guidance range of $4.08-$4.5 billion. Analysts were expecting an operating profit of $3.8 billion.

Strong results in North America and the EMEA region overcame continuing weakness in the Latin American region.

For this year, FCA forecast operating profit, excluding unusual items, of between $4.6-$5.0 billion with revenues of $121.8 billion. Worldwide shipments are predicted to grow to around 4.8-5.0 million vehicles.

The chart below shows FCA’s results converted to current U.S. dollars.

FIAT CHRYSLER AUTOMOBILES Q4 AND FULL-YEAR HIGHLIGHTS
4th Quarter Full Year
2014 2013 Change 2014 2013 Change
1,215,000 1,171,000 44,000 Total Shipments 4,608,000 4,352,000 256,000
All figures below, except EPS, in millions of dollars
$30,564 $27,019 $3,545 Net Revenues $108,437 $97,754 $10,682
$1,203 $519 $684 EBIT* $3,637 $3,388 $249
$1,215 $1,064 $151 Adjusted EBIT* $4,120 $3,973 $147
$2,668 $1,920 $748 EBITDA $9,163 $8,618 $545
$597 -$84 $680 Profit Before Taxes $1,327 $1,145 $182
$474 $1,463 -$989 Net Profit $713 $2,202 -$1,488
$0.371 $0.798 EPS basic $0.525 $0.840
$8,637 $12,833 -$3,277 Net Industrial Debt $8,637 $7,915 $722
$29,590 $24,535 $3,948  Available Liquidity $29,590 $25,668 $3,923
Data Source: Fiat Chrysler Automobiles N.V. Currency conversion at 1.12849 dollars per euro

 * EBIT is earnings before interest and taxes. Adjusted EBIT takes out “unusual expenses,” notably buying the UAW share of Chrysler ($560 million), and devaluation of Venezuelan currency ($110 million).

For additional Allpar coverage and analysis of Fiat Chrysler Automobiles’ financial results, see FCA leans on Chrysler for profits.

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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