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Fiat Chrysler returns to profit in third-quarter as North America posts record results

Fiat Chrysler returns to profit in third-quarter as North America posts record results

FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook

MILAN: Fiat Chrysler turned back to an operating profit in the third quarter as the auto industry rebounded worldwide and especially in the U.S., after a rout triggered by the COVID-19 epidemic in the first half of this year.

The Italian-American car maker on Wednesday said it posted adjusted earnings before interest and tax (EBIT) of 2.28 billion euros (US$2.7 billion) in the July-September period. That topped a 1.152 billion euro forecast in an analyst poll compiled by Reuters.

"Our record results were driven by our team's tremendous performance in North America," Chief Executive Mike Manley said in a statement.

Milan-listed shares in FCA trimmed earlier losses after the results were released. By 1110 GMT they were down 3per cent.

FCA, which earlier this year withdrew its guidance for its full-year results, said it now forecast a 3-3.5 billion euro adjusted EBIT in 2020, but added that the new guidance was not assuming further significant disruptions from COVID-19.

(Reporting by Giulio Piovaccari; editing by Agnieszka Flak)

Source: Reuters

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