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FCA leans on Chrysler for profits

by David Zatz on

FCA: Fiat-Chrysler AutomobilesFCA closed 2014 with strong performance that was in line with their guidance to analysts — which some analysts had scoffed at. Revenues were up 11% to €96.1 billion (US$108 billion), with EBIT up to €3.7 billion (US$4.2 billion) adjusted for unusual items, including $560 million for the UAW and $111 million for the devaluation of Venezuelan currency.

The net profit was €632 million ($715 million); adjusted for “unusual items,” two of which were described above, net profit would have been $1 billion.

Revenues rose by 15% in North America (almost entirely the old Chrysler), by 34% in Asia-Pacifica, and 4% in Europe/Middle East/Africa (EMEA). Maserati revenue rose by 67%. Shipments dropped by 13% in Latin America, though. European revenues came closer to break-even.

Chrysler-Fiat-FCA-Web

North America was by far the largest revenue generator — again — with $50 billion coming in. EMEA was a distant second, with $20 billion, followed by Latin America at nearly $10 billion and Asia-Pacific at $7 billion. This does not include Ferrari and Maserati ($3 billion each) or components/robotics ($10 billion).

Looking at earnings before interest and tax, adjusted for unusual items, North America was responsible for $2.6 billion; the second largest profit generator was Latin America at $556 million, but Asia Pacific is coming on fast at $379 million. EMEA operations lost $572 million, not counting Ferrari and Maserati, which brought in $412 million and $120 million, respectively; or the components/robotics arms which were good for $165 million.

Financing expenses were around $2.3 billion, reduced by refinancing.  The company has around $8.7 billion in net industrial debt. The board chose not to issue a dividend.

U.S. market share was up to 12.4%, and Canadian market share was up to 15.4%.

Asia-Pacific shipments, excluding joint ventures, were at 220,000, up by 35%. Sales, including joint ventures, were up to 267,000, up 34%.  European shipments were up 5% but market share was down slightly to 5.8%.

Ferrari saw a total of 7,255 sales (up from 7,000 in 2013) while Maserati more than doubled sales, from 15,393 to 36,448; switching “a new model” to a “more appropriate” platform added some expense (this might be Levante or GranTurismo).

For 2015, the company expects to send out 4.8-5.0 million vehicles, have net revenues of $122 billion, net income of $1.1-$1.4 billion, and net industrial debt of $8.5-$9 billion.

David Zatz founded Allpar in 1998 (based on a site he had begun in 1993-94), after years of writing reviews for retail trades. He has been quoted by the New York Times, the Daily Telegraph, the Detroit News, and USA Today. Before making Allpar a full-time career, he was a consultant in organizational psychology. You can reach him by using our contact form (much preferred) or by calling (313) 766-2304


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