Fiat Chrysler Automobiles (FCA) booked record first quarter adjusted EBIT of EUR1.5bn (US$1.63bn), up 11% year on year and confirmed its full year guidance.
Margin rose to 5.5% adjusted net profit was up 27% to EUR0.7bn and net profit EUR0.6bn, the automaker said in a statement.
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"Full-year guidance is confirmed," it said.
Worldwide combined shipments of 1,145,000 units were "substantially in line with Q1 2016" and resulted in net revenues of EUR27.7bn, up 4%.
All segments showed first quarter improvements, except LATAM, which is currently troublesome for most automakers, especially those with operations in Venezuela.
The aadjusted net profit of EUR671m was up 27% and net profit of EUR641m, 34%.
Net industrial debt was EUR5.1bn, limiting the seasonal increase to EUR0.5bn from December 2016, compared to an increase of EUR1.5bn for Q1 2016
"Liquidity [is] strong at EUR21.6bn, including [the] extended syndicated revolving credit facility at EUR6.25bn, up-sized from EUR5.0bn," FCA said. It noted Moody's Investors Service had improved its outlook for the automaker to positive from stable and affirmed a Ba3 corporate credit rating.
