Fiat Chrysler Automobiles Q2 Profit Declines; Confirms Adj. Profit Target

(RTTNews) - Fiat Chrysler Automobiles (FCAU) reported that its second-quarter adjusted net profit declined 9% year-over-year to 981 million euros. Adjusted EPS was 0.62 euros compared to 0.69 euros. Adjusted EBIT was 1.655 billion euros, down 11% (down 3% at CER). Earnings per share was 0.48 euros compared to 0.74 euros, prior year.

For the second-quarter, net revenues were up 4% to 28.99 billion euros. Worldwide combined shipments of 1,301 thousand units, were up 6%, primarily due to increases in NAFTA and LATAM.

Looking forward, Fiat Chrysler Automobiles confirmed 2018 guidance for adjusted net profit and revised for other metrics. The company now targets net revenues in the range of 115 billion - 118 billion euros, revised from prior guidance of approximately 125 billion euros. Adjusted EBIT is now expected in a range of 7.5 billion - 8.0 billion euros. The company said the remaining financial targets presented in the 2018-2022 Business Plan on June 1 are unchanged.