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FCA US financials: profits, sales up

by David Zatz on

About a week after releasing worldwide financial results, and after releasing a form 8-K, Fiat Chrysler held a webcast to tell investors about its performance in North America, at the former Chrysler Corporation/Chrysler Group.  CFO Richard Palmer led the webcast.

Worldwide shipments were up 8%, led by Chrysler 200 and Jeep Cherokee; net revenues were $21 billion, up 10%; the modified operation profit was 16% higher than Q1 2014, despite recall costs; the margin was up.

us fleet mix

Net income was $2.6 billion, partly due to accounting changes, versus a net loss of $690 million last year (partly due to payments to the union benefits funds). FCA US has $15.1 billion in liquidity and $1.2 billion in cash, down somewhat from the first quarter of last year due to loan repayments.

Higher shipments were offset by unfavorable trading in pesos and Canadian dollars, Windsor renovation costs, and a less favorable vehicle mix. Marketing support costs were also higher due to the launch of the new Charger, Renegade, and 200.

$1.3 billion was paid as a ”special distribution” to Fiat Chrysler (international).  The company still owes $12.6 billion but plans to pay more down.

Worldwide, Jeep rose 46%, with all models rising;  Chrysler rose by 8% and Ram by 13%. Dodge fell by 26% and Fiat by 1%.

US sales remained flat at 12.5% and fell slightly in Canada, now at 16.4% despite being the market sales leader in the first quarter. In the US, retail market share was up to 12.1% from 12.0%.  The fleet mix has fallen rather dramatically from 31% in the first quarter of 2012 and 28% in the first quarter of 2013, and was 23% in the first quarter of 2014 and 2015.

Dealer inventory has swollen to 579,000, or 73 days’ supply — up from the first quarters of 2012 and ’13 but similar to ’14. One issue may be dealers stocking up on minivans to get through the factory shutdown.

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