Fiat Chrysler returns to profit in Q3 as N. America posts record results
- The Italian-American car maker on Wednesday said it posted adjusted earnings before interest and tax (EBIT) of 2.28 billion euros ($2.7 billion) in the July-September period.
- Our record results were driven by our team's tremendous performance in North America.
MILAN: Fiat Chrysler turned back to an operating profit in the third quarter as the auto industry rebounded worldwide and especially in the US, 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 ($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 3%.
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.
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