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FCA: $331 million Q3 loss

by David Zatz on

Fiat Chrysler today reported a worldwide $331 million third-quarter net loss, which the company blamed mainly on charges associated with recalls and penalties. It appears that the company has set aside a $667 million reserve for future recall costs.

FCA-Q3-2-Web

The company shipped 1,114,000 vehicles in the June-September period, up 15,000 from the same period in 2014. Year-to-date shipments are 9,000 units ahead of the first nine months of 2014 to 3,402,000. North American revenue was up 35%, with an adjusted profit margin rising up from 4.1% last year to 6.1%. Adjusted earnings before interest and taxes (EBIT) for North America more than doubled, to $1.31 billion — nearly the global total.

Global shipments were flat, as North American increases were countered by falls in South America and Asia. Jeep, though, rose 27% worldwide.

FCA-Q3-NAFTA-Web

Net revenues were up 16.6% in the third quarter, totaling more than $30.4 billion.

The company still predicted a full year profit and a substantial reduction in debt, partly due to its sale of Ferrari sales.  Net profits for 2015 are predicted to be $1.3 billion, with $7.3 billion net industrial debt at the end of the full year.

FCA stock has taken a hit, and is currently at $14.88, down 53 cents from yesterday’s close. However, it remains far higher than it was when Fiat Chrysler Automobiles was first listed on the New York Stock Exchange.

Charts prepared by Bill Cawthon


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