Fiat Chrysler Q1 Adj. EBIT Down YoY In Line With Its Expectations

(RTTNews) - Fiat Chrysler Automobiles N.V. (FCAU) reported that its first-quarter adjusted EBIT decreased 29%, primarily from lower volumes partially offset by positive net pricing in North America. The volume decline was principally from North America product launch cadence and EMEA sales channel mix optimization, the company said.

First-quarter adjusted earnings per share from continuing operations was 0.36 euros compared to 0.62 euros, prior year. Adjusted profit was 570 million euros compared to 963 euros. Adjusted EBIT declined to 1.07 billion euros from 1.50 billion euros.

First-quarter net profit was 508 million euros, a decline of 47% year-over-year. Earnings per share from continuing operations was 0.32 euros compared to 0.61 euros.

First-quarter net revenues were 24.48 billion euros compared to 25.73 billion euros, a year ago. Worldwide combined shipments were 1,037 thousand units, down 14%.

"The market is responding enthusiastically to the roll out of our new products and we continue to execute initiatives that will strengthen the underperforming parts of our business. Based on these factors and our first quarter results being in line with our expectations, we are confident in our 2019 guidance," said Mike Manley, CEO.

The Board of Directors approved an extraordinary cash distribution of 1.30 euros per share, to be paid on May 30, 2019 to shareholders of record on May 21, 2019.