Fiat SpA expects full year earnings to be at least EUR2bn (US$2.8bn) compared with a previous estimate of EUR1.2bn. The revised figure follows an improved third quarter trading profit of EUR586m beating the EUR409m estimate of analysts thanks to improved sales of Iveco trucks and Case New Holland tractors.
Fiat said in a statement that third-quarter net income was EUR170m compared with EUR21m a year earlier. Revenue, at EUR13.5bn, was up 11.9% over the same quarter in 2009.
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CEO Sergio Marchionne, who also runs Chrysler Group, is spinning off Iveco and CNH into Fiat Industrial SpA so he can focus on reviving carmaking operations. The company said that the demerger activities remain on track with an effective date of 1 January 2011.
Fiat Group Automobiles (FGA) reported revenues of EUR6.6bn, in line with 2009, on a total of 481,300 deliveries of passenger cars and light commercial vehicles (down 10.7%). Fiat said that higher LCV deliveries (+20.6% y.o.y) and favourable currency impacts offset the decline in passenger car revenues.
FGA recorded a 29.2% share in Italy (-3.5 p.p.) and a 7.0% share for Europe overall (-1.2 p.p.), with demand for both smaller and CNG/LPG vehicles, where FGA is market leader, down against the exceptionally strong levels experienced in 2009. In Brazil, Fiat maintained market leadership with an overall share of 23.7%.
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