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FCA Q2: profits in North America, losses everywhere else

by David Zatz on

In the second quarter of 2020, FCA, hit like everyone else by COVID-19, saw shipments fall by 63%, to 424,000. The company lost €0.9 billion before interest and taxes—losing €1 billion all together (both net loss and adjusted net loss).

North America was the one bright spot, with a €39 million profit (adjusted earnings before interest and taxes, or adjusted EBIT) even though sales were down by 62%. Net revenues were €8.2 billion.

In Europe, net revenues were €2.2 billion, but the company lost €589 million (adjusted EBIT). Latin America, a traditional Fiat stronghold, saw just €477 million in net revenues and an adjusted EBIT loss of €96 million. Finally, in Asia-Pacific, revenues were a bit less than in Latin America, and the adjusted EBIT loss was “just” €59 million. The worst EBIT margin was in Europe (including the Middle East and Africa), with –26.4%; the best, in North America, at +0.5%.

Maserati is counted separately. Only around 2,000 Maseratis were shipped out—less than half of the ones sold in Q2 2019—and net revenues fell to €185 million. Adjusted EBIT was a loss of €99 million, which was actually better than Q2 2019, while the margin was –53.5%. The loss was stemmed somewhat by cutting hefty incentives used last year.

The company did not release any new product information in its report.

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