Fiat Chrysler Automobiles Q1 Profit Rises; Backs 2018 Outlook

(RTTNews) - Fiat Chrysler Automobiles N.V. (FCAU) reported that its first-quarter net profit rose 59 percent to 1.02 billion euros from 641 million euros in the same quarter last year. Earnings per share were 0.65 euros up from 0.41 last year.

Adjusted net profit for the first-quarter grew 55 percent to 1.04 billion euros from 671 million euros last year, reflecting lower tax expense largely due to U.S. tax reform. Adjusted earnings per share were 0.66 euros up from 0.43 euros in the previous year.

But, net revenues declined 2 percent to 27.03 billion euros from 27.72 billion last year. But, it was up 9 percent at constant exchange rates.

The company said that net industrial debt were 1.31 billion euros as of at 31 March 2018, compared to 2.39 billion euros at 31st December 2017.

Looking ahead for 2018, the company still expects adjusted net profit to be about 5 billion euros, and net revenue of 125 billion euros.