the republic logo

Fiat 2Q profits hit by North American sales incentives and lower Latin American volumes

bug
Share/Save/Bookmark

MILAN — Italian carmaker Fiat SpA, which controls Chrysler, says its second-quarter profits dropped by more than a half due to lower performance in North and Latin America.

Fiat said Wednesday that net profit was 197 million euros ($263 million), compared with 435 million euros in the same period last year.

North American volumes were up 10 percent, driven by incentives to sell legacy Chrysler vehicles, but the incentives also cut into profits. Earnings before interest and tax in the region dropped 18 percent to 598 million euros.

In Latin America, revenues dropped 13 percent as vehicle shipments fell 21 percent.

Fiat said revenues in the quarter rose to 23.3 billion euros, up 1 billion euros over the same quarter last year.

Fiat is currently finalizing its merger with Chrysler.

Think your friends should see this? Share it with them!

All comments are moderated before posting. Your email address must be verified with Disqus in order for your comment to appear.
View our commenting guidelines and FAQ's here.

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.