Quantcast
Home » News
Home » News

Fiat's quarterly profits plummet by 55 percent

Published July 30, 2014 11:04 am
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

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 $263 million, compared with $580 million 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 $449 million.



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

Fiat said revenues in the quarter rose to $17.5 billion, up $750 million over the same quarter last year.

Fiat is currently finalizing its merger with Chrysler.

 

 

 

USER COMMENTS
Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
comments powered by Disqus