FCA Posts Profit In Q3, Volume Weak; Reinstates FY20 View; Stock Down

(RTTNews) - Fiat Chrysler Automobiles NV (FCAU) reported Wednesday a profit in its third quarter, compared to last year's loss, driven by strong North American results. Group revenues and volume, meanwhile, declined from last year. The company also reinstated fiscal 2020 outlook. Fiat Chrysler shares were losing around 3 percent in Italian trading.

For the third quarter, net profit was 1.21 billion euros, compared to last year's loss of 179 million euros. Earnings per share were 0.76 euro, compared to loss of 0.11 euro a year ago.

Adjusted net profit was 1.53 billion euros, compared to prior year's 1.26 billion euros. Adjusted earnings per share were 0.97 euro, compared to 0.81 euro a year ago.

Adjusted EBIT was 2.283 billion euros, with record North America results, up from 1.96 billion euros last year.

Revenues for the quarter, meanwhile, declined 6 percent to 25.81 billion euros from 27.32 billion euros last year.

Worldwide combined shipments of 1,026 thousand units declined 3 percent, with strong retail mix.

Further, the company reinstated fiscal 2020 guidance with adjusted EBIT between 3 billion euros to 3.5 billion euros. The outlook assumes no further significant disruptions from COVID-19.

In Italy, Fiat Chrysler shares were trading at 10.70 euros, down 2.71 percent.