FCA has reported its full-year 2019 financials, which include a net profit of 2.7 billion, industrial free cash flow of €2.1 billion, and an adjusted net profit of €4.3 billion (a non-GAAP).

€1 is the same as US$1.10, so the adjusted net profit works out to $4.7 billion USD.

Global shipments are down 9% to 4.42 million, as products were dropped from the EU; dealer stocks were cut in North America; and Chinese joint venture sales flagged.

North America clearly drove Fiat Chrysler again, with an adjusted earnings before interest and taxes (EBIT) of €6.7 billion and a healthy 9.1% margin. In Latin America, the adjusted EBIT was €0.5 billion, with a 5.9% margin. These were the only two profitable regions.

The company lost money in the Asia-Pacifica (-€36 million) and Europe/Middle East/Africa (-€6 million) regions. Maserati, which lost €350 million in 2018, lost another €199 million in 2019. Alfa Romeo is not reported separately.

The fourth quarter showed record results, including a North America margin of 10.0%.