Fiat Chrysler Automobiles lowered more debt in the first quarter of 2018 than expected, a media report said.

Reuters said the automaker also was on target to become cash positive by the end of this year and confirmed its full year targets.

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Net debt fell to EUR1.3bn (US$1.6bn) by the end of March, compared with a forecast of EUR2.6bn in a Thomson Reuters poll.

First quarter operating profit rose 5% to EUR1.61bn, slightly below an analysts consensus forecast of EUR1.74bn.

FCA said in a statement its operating margin rose 50 points to 6% while adjusted net profit was up 55% to EUR1bn.

It said it had experienced continued strong performance in the NAFTA regions, despite booking EUR0.3bn in new vehicle launch costs, and also noted a significant improvement in Latin America.

Vehicle shipments rose from 1.15m to 1.2m with Jeep deliveries up 37% thanks to new models such as the Compass.

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