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FCA declares new profits

by David Zatz on

In the first quarter of 2019, despite falling sales, Fiat Chrysler Automobiles (FCA) had an adjusted net profit of €570 million, with an adjusted earnings before interest and taxes (EBIT) of €1.1 billion. The company’s margin was 4.4% overall: 6.5% in North America, -1.5% in Asia/Pacifica, -0.4% in Europe/Middle East/Africa (EMEA), and 5.4% in Latin America. Maserati, counted separately, brought in around 5,500 sales, down by around 3,900 from Q1 2018; Maserati still had a net profit, with an adjusted EBIT of €11 million and a margin of 2.3%.

FCA’s global sales fell by 14%, which the quarterly report blamed on the first quarter of 2018’s sale of new and old Wranglers, and on a “planned realignment of commercial strategies in Europe.” The adjusted EBIT fell by 29% from the first quarter of 2018, mainly from lower volumes; however, net prices in North America rose, offsetting those losses.  The company lost €270 million in cash-flow, after a net increase in cash flow of €1 billion in Q1 2018.

FCA claimed a 23.3% market share for the Ram 1500 in North America, a 4.5% gain. As usual, North America accounted for the lion’s share of gross revenue (€16 billion vs €5 billion in the next-largest region, EMEA) and the most adjusted EBIT (€1 billion, vs a next-best €105 million in Latin America).

Magneti Marelli, which was officially sold this week, brought in €111 million.

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