Fiat Chrysler first quarter profits drop by nearly half

MILAN (AP) — Carmaker Fiat Chrysler Automobiles has reported a 47% drop in profits for the first quarter of 2019 due to production shifts.

The company said Friday that its profit of 508 million euros ($566.5 million) was down from 951 million euros in the same quarter a year earlier, while net revenue sank 5 percent to 24.5 billion euros.

Fiat Chrysler maintained its guidance for full year earnings, saying it still expects adjusted earnings before interest and taxes above 6.7 billion euros.

The carmaker said it shipped 1.037 million vehicles in the first quarter, down 14 percent from a year earlier, due to the decision not to produce the old Jeep Wrangler alongside the new model, only partially offset by increased sales of the Ram.

North America accounted for virtually all profits.

Categories: International News