Fiat Chrysler Automobiles (FCA) has reported net profit in the second quarter up 260% from a year ago to a record 1.2m euros. The company's bottom line was boosted by strong sales in North America and at Maserati.
Shipments of Maseratis almost doubled in the quarter – driven by the Levante SUV – to over 13,000 units (Europe +93%, China +146%, North America +50%).
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FCA's overall profit margin reached a record 6.7% in the quarter.
FCA said that all segments and regions are profitable although revenues were flat in the quarter at 27.9 euros.
Maserati margin more than doubled to 14.2% from 6.2% and NAFTA margin was up 0.50 percentage points to a record 8.4%.
However, the carmaker's net industrial debt only fell to 4.2 billion euros at the end of Q2 from 5.1 billion euros three months earlier. Analysts had forecast a larger decline.
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By GlobalDataUS market share declined in the quarter versus a year ago to 12.4% (down 0.3 percentage points on last year), which the company said was due to the discontinuation of the Chrysler 200, Dodge Dart and Jeep Patriot. Improved model mix is reflected in the large margin gain.
Profitability for the company improved in Europe, helped by sales of Fiat's Tipo and Alfa Romeo's Giulia and Stelvio.
