Fiat Chrysler has booked third quarter net profit down 1% to US$240m, with revenue up 14% to EUR23.6bn..

The automaker says the profit was in line with the same period last year, while worldwide shipments rose 10% to 1.1m units, driven by strong NAFTA sales.

"The Group's third-quarter results demonstrate a solid performance in the face of challenging market conditions particularly in Latin America," said FCA CEO, Sergio Marchionne,

"We are on track to deliver on our full-year targets for 2014. With the formal creation of FCA and its debut listing on the NYSE, we have embarked on a new phase as a global company with even greater possibilities."

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FCA Board of Directors' Meeting: third quarter 2014 results

??FCA third-quarter revenues up 14% to €23.6 billion and EBIT up 7% at €0.9 billion. Net industrial debt at €11.4 billion reflecting seasonality and liquidity stable at €21.7 billion. Full-year guidance confirmed.

 

  • Worldwide shipments were 1.1 million units, an increase of 10% driven by strong sales performance in NAFTA.

  • Revenues were up 14% to €23.6 billion.

  • EBIT was €926 million, up 7% (+10% at constant exchange rates - CER) with improvements in all segments except LATAM where weak market conditions continued.

  • Net profit was €188 million in line with Q3 2013.

  • Net industrial debt was up €1.7 billion in the quarter, due to normal seasonality and in line with the change in Q3 2013.

  • Group confirms full-year guidance.

    ?

 

London, October 29 – “The Group’s third-quarter results demonstrate a solid performance in the face of challenging market conditions particularly in Latin America,” said FCA CEO Sergio Marchionne, “and we are on track to deliver on our full-year targets for 2014. With the formal creation of FCA and its debut listing on the NYSE, we have embarked on a new phase as a global company with even greater possibilities.”


FIAT CHRYSLER AUTOMOBILES - Highlights

Nine months to September 30 3rd Quarter
20142013(*)Change(€ million)20142013(*)Change
3,393 3,181  212 Total Shipments (000s) 1,099 1,002 97
69,006 62,681 6,325 Net Revenues 23,553 20,693 2,860
2,157 2,542 -385 EBIT(**) 926 862 64
5,756 5,936 -180 EBITDA(**)¹ 2,166 2,030 136
647 1,089 -442 Profit Before Taxes 415 369 46
212 655 -443 Net Profit 188 189 -1
0.132 0.036 - EPS (€) 0.143 (0.113) -
11,372 7,014(3) 4,358 Net Industrial Debt 11,372 9,704(2) 1,668
21,741 22,745(3) -1,004 Total Available Liquidity 21,741 21,771(2) -30

* Adjusted for the retrospective application of IFRS 11. For Q3, Revenues -€40 million, EBIT +€6 million, Profit Before Taxes +€2 million, Net Profit unchanged. For nine months to September 30, Revenues -€134 million, EBIT +€26 million, Profit Before Taxes +€7 million, Net Profit unchanged. Shipments for both periods adjusted to include Luxury Brands.

¹ EBIT plus Depreciation and Amortization.

² At June 30, 2014.

³ At December 31, 2013, adjusted for the retrospective application of IFRS 11: Net Industrial Debt +€365 million, Total Available Liquidity +€16 million.

(**) includes unusual items of:

(417) (36)   Total unusual items (pre-tax) 4 (36) (1)   

4 Includes: Gain/(losses) on the disposal of investments, Restructuring, Other unusual income/(expenses).

Memo items


Nine months to September 30 3rd Quarter
20142013Change(€ million)20142013Change
509 691 -182 Net profit ex-unusual items 224 190 34
0.374 0.072 - EPS ex-unusual items (€) 0.171 (0.009)

Original source: http://www.fcagroup.com/en-US/media_center/fca_press_release/2014/october/Pages/fca_board_of_directors_meeting_third_quarter_2014_results.aspx

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