Fiat Chrysler (FCA) has posted record third quarter financial results boosted by strong Jeep sales. The company also raised its guidance for full-year performance.
FCA reported record third quarter adjusted EBIT of EUR1.5bn, up 29%.
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The company said that net profit was up to EUR606m, which compares with a loss of EUR387m in the third quarter of 2015.
FCA reported worldwide combined shipments of just over 1.1m units in the quarter, in line with the previous year, but said Jeep shipments were up 3%.
Net revenues of EUR26.8 billion, were ‘in line’ with Q3 2015.
Market share in US increased slightly to 12.5%, up 30 bps, an6d in Europe to 6.1%, up 40 bps.
The company said that record Q3 profit was driven by continued strong performance in NAFTA and components with significant improvement in APAC, Maserati and EMEA. Results in South America were described as nearly at breakeven, but with “continued difficult market conditions”.
NAFTA profit margin increased to 7.6% from 6.7% and Maserati returned to double-digit margin at 11.8%.
The FCA Group raised its full-year guidance due to strong year-to-date operating results. Adjusted EBIT guidance was raised to over EUR5.8bn from over EUR5.5bn. Adjusted net profit was raised to over EUR2.3bn from over EUR2bn.
The company also confirmed forecast to reduce net industrial debt to below EUR5bn.
FCA is also rumoured to be trying to sell all or part of its Magneti Marelli components unit to raise cash and lower debt. Samsung was said to be among a group of interested parties involved in exploratory talks, but its phone crisis appears to have stalled things.
