Trading in Fiat shares suspended after profit warning
Fiat Group third quarter revenues 20.7 billion euros30 October, 15:53
The Fiat Group, which controls Chrysler in the US, revised expected revenues for 2013 to 88 billion euros, down from a previously stated range of 88 to 92 billion euros, which corresponded to 84 to 88 billion euros using current exchange rates.
Fiat also said it expected net profits of 0.9 billion to 1.2 billion euros for the year, down from the 1.2 billion to 1.5 billion euros previously reported.
Fiat reported third-quarter revenues of 20.7 billion euros, up 1.4% in nominal terms, but up 8% with constant exchange rates.
Profits on normal operations was 816 million euros, down from 901 million euros in the third quarter last year. Third quarter net profits were 189 million euros, higher than the 171 million euros reported in the July-September period of 2012.
Worldwide shipments for mass-market car brands were up 5% year-over-year to 1.2 million units. Luxury brands reported strong double-digit growth, but revenues in the North American Free Trade area (NAFTA) fell 13% in the third quarter compared to the previous year.