FCA REPORTS SECOND QUARTER ADJUSTED EBIT OF €1.6 BILLION, UP 16%, WITH GROUP MARGIN OF 5.8%, UP 90 BPS
July 28, 2016 by FIAT Chrysler AutomobilesFCA reports second quarter Adjusted EBIT of €1.6 billion, up 16%, with Group margin of 5.8%, up 90 bps; Adjusted Net Profit of €0.7 billion, up 91% and Net Profit of €0.3 billion, up 25%. Net Industrial Debt reduced to €5.5 billion. Full year guidance is raised. ◾Worldwide consolidated shipments of 1,175 thousand units, down 1% driven by APAC due to transition to local Jeep production in China. Worldwide combined shipments (including JVs) were 1,233 thousand units, up 1%, LATAM reduction more than offset by EMEA increase ◾Net revenues of €27.9 billion, down 2% (+1% at constant exchange rates, or CER) ◾Adjusted EBIT increased 16% to €1,628 million, with EMEA more than doubled and improved margins for all regions and Components. EBIT decreased 14% to €1,060 million primarily due to charges for Takata airbag inflator recalls of €414 million ◾Net industrial debt reduced by €1.1 billion from March 2016 due to strong cash generation from operations ◾Market share in U.S. increased to 12.7%, up 30 bps, and in Europe to 6.8%, up 40 bps; remained market leader in Brazil with 17.8% market share ◾Worldwide Jeep sales up 16% with increases in all regions ◾Moody's Investors Service raised FCA's corporate credit rating to 'Ba3' from 'B1' and rating on bonds issued or guaranteed by FCA from 'B2' to 'B1' with 'Stable' outlook
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