Tags: Fiat | earnings | profit | cars

Fiat's Profit More Than Doubles on Strong US Results Despite European Weakness

Wednesday, 30 Jan 2013 10:09 AM

Fiat SpA, the Italian automaker that controls Chrysler LLC, saw fourth quarter earnings more than double thanks to strong North American sales that more than compensated for a weak performance in Europe.

The Turin-based carmaker posted net profit of 102 million euros ($138 million), up from 43 billion euros in the same period last year. Revenues were 21.8 billion euros.

For the full year, net profit attributable to the parent company shrank to 348 million euros from 1.3 billion euros in 2011. Fiat owns 58.5 percent of Chrysler, which earned $1.7 billion last year.

Fiat also said Wednesday it would not pay a dividend in order to maintain liquidity for investments.

The carmaker said it expects to earn 1.2 billion euros to 1.5 billion euros this year on revenues between 88 billion euros and 92 billion euros.

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