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FCA US’ third quarter

by David Zatz on

Last week, Fiat Chrysler as a whole reported a third-quarter net loss, partly due to a large reserve set aside for recall costs. However,  North American revenue had risen by 35%, its adjusted profit margin rose  to 6.1%, and profits before interest and taxes (EBIT) rose to $1.31 billion.

Today, FCA US LLC reported its own numbers for the United States. FCA US is essentially the old Chrysler Corporation / Chrysler Group plus the North American operations of Fiat and Alfa Romeo (not Maserati).

FCA-Q3-2-Web

Net prices rose as the company was able to discount its cars less, and reduced dealer discounts. However, industrial costs rose due to more recalls and higher vehicle costs (as content was increased). FCA US now has $13 billion in cash and $9.3 billion in debt, versus $14.5 billion in cash and $12.8 billion in debt at the end of 2014 — doubling its net cash to $3.6 billion. (At the end of the third quarter 2014, net cash was $2.1 billion.)

Jeep and Ram sales increased while Dodge and Chrysler fell, but this was already known. International sales fell but were more than made up for by large increases in US and Mexican sales.

The modified operating profit for FCA US rose from $0.9 billion (Q3 2014) to $1.3 billion, making the modified EBITDA $2.0 billion, up from $1.7 billion in the third quarter of 2014. Net income rose despite an $848 million charge for future recall costs and $159 million lost in the China port explosion.

Chart prepared by Bill Cawthon


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