Jeep’s Rise Helps FIAT Chrysler Earnings
Strong global Jeep sales helped Fiat Chrysler post record first-quarter global earnings despite continued weakness in in Latin America and Asia. Net income rose to 478 million euros (USD539 million), the automaker said last week.
FCA said its first-quarter adjusted earnings before interest and taxes (EBIT) nearly doubled to USD1.56 billion in the quarter.
Shipments of Jeep climbed 15% in the quarter to 326,000 units as the automaker expands the SUV brand globally.
Net global revenues climbed 3% to USD30 billion, at today’s exchange rate, though total shipments declined 1% to 1,086,000 vehicles. FCA said its profit margin in North America, its largest market, doubled to 7.2% from the same quarter last year, while the profit margin in Europe, the Middle East and Africa quadrupled to 1.9%.