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• Company"s sales exceed analyst estimates
"Fiat" SpA, the Italian automaker that acquired 20% of American company "Chrysler Group" LLC, reported its first profit in three quarters, thanks to increased sales of Iveco trucks and New Holland tractors.
April - June 2010 net income was 90 million euros ($116 million), from a 168 million-euro loss in 2009"s similar period, Fiat said today.
Earnings before interest, taxes and one-time gains or losses increased more than two times to 651 million euros. Analysts were expecting earnings of 359 million Euros.
The company"s sales increased 13% in the reporting period, to 14.8 billion Euros, exceeding analyst estimates: 13.3 billion Euros.
Trucks sales increased 18%, while revenue from construction and agricultural equipment climbed 16%. Auto sales rose 6.7%.
The volume of passenger cars deliveries dropped 12% percent to 455,100 in the quarter, led by shrinking demand in Germany and Italy. Sales of light commercial vehicle sales increased 30% to 99.200.
The board of Directors of Fiat has approved the spin-off of
the truckmaking and agricultural units by the end of 2010, it announced today. The two divisions will become parts of the new group "Fiat Industrial" SpA. Shareholders will receive one share of the new unit, - which will be listed on the Milan Stock Exchange this year - in exchange for every Fiat share owned.
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