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
Related Posts
Recent Posts
- Bugatti enthusiasts embark on epic journey to honor 100 years of the Type 35
- Mustang GTD story accelerates into Summer with online series, European debut
- Ford is America's automaker again, with most vehicles assembled, most vehicles exported, most hourly autoworkers
- Jeep® Brand Launches All-new All-electric Jeep Wagoneer S Film 'Surpass Yourself'
- Lamborghini Urus SE: The first Plug-in Hybrid Super SUV debuts in Thailand