Fiat Chrysler Automobiles reported third quarter earnings on Wednesday, and they beat expectations.
“A better-than-expected 35 per cent jump in quarterly earnings [was] helped by strong performance in North America,” Reuters reported.
“[T]hird-quarter adjusted earnings before interest and tax (EBIT) [were] 1.3 billion euros ($US1.4 billion). This compares with 968 million euros for the same period last year and a consensus of 1.18 billion euros in a Reuters poll of analysts,” the news service added.
Financially, North America was by far FCA best region for the quarter. A robust US market and booming sales of trucks and SUVs, both of which FCA produces in substantial numbers, helped power the company’s performance. The Jeep brand did particularly well.
Latin America and the Asia Pacific region were weak spots, while Europe appeared to be stabilizing. Globally, automakers have struggled with a relatively tepid European market in 2014.
Maserati turned in a softer result than in the same quarter last year, while Ferrari — which recently began trading on its own after an IPO on the New York Stock Exchange — saw revenue in the quarter rise to $US723 million from $US662 million in 2014, a boost of $US61 million for the Italian supercar maker.
FCA’s quarter was thematically consistent with the rest of the auto industry. North America has for all of 2015 been a highlight, while Europe has been recovering and China slowing down. Latin America remains a major challenge for the business.
FCA stock was down 5% in early trading, to $US15.
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