Chrysler buoyed up the Fiat Group in the second quarter as trading profit increased 9% to over EUR1bn on sales up 4% to EUR22.3bn.
The NAFTA region, up 5%, accounted for half that at EUR11.5bn.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Of the EUR1,029m trading profit for the quarter, NAFTA accounted for EUR668m. In EMEA (Europe), losses were reduced by EUR40m to EUR98m due to costs cuts and the success of the Fiat 500L.
EBIT totaled EUR1,057m for the quarter versus EUR932m for Q2 2012.
Unusual items included a EUR166m gain with a corresponding net reduction to the pension obligation following the amendments of Chrysler’s US and Canadian salaried defined benefit pension plans and a EUR115m charge related to the June 2013 recall as well as a “customer satisfaction” action.
Net profit was EUR435m for the quarter (EUR239m for Q2 2012)
For Fiat excluding Chrysler, the net loss was EUR247m in line with Q2 2012.
First Half
Group sales were flat at EUR42.1bn with NAFTA again accounting for half and Europe off 3%.
Trading profit fell EUR106m to EUR1,647m with NAFTA accounting for EUR1,065m and a European loss reduced by EUR90m or 26% to EUR255m.
EBIT was lower at EUR1,660m (EUR1,767m). Net profit was EUR466m (EUR501m).
Vehicle sales in the NAFTA region rose 10% to 582,000 for the quarter.
H1 sales of 1,082,000 units rose 1%.
In Europe, passenger car and LCV shipments fell 5% to 287,000 units in the second quarter and H1 sales were also off 5% to 532,000.
2013 guidance was confirmed:
- Revenues in the EUR88 – EUR92bn range
- Trading profit in the EUR4.0 – EUR4.5bn range
- Net profit in the EUR1.2 – EUR1.5bn range
