Fiat Chrysler Automobiles N.V. raised its guidance after the company reversed the loss it sustained during the same period a year ago even though revenues and unit sales were essentially flat during the July-September period.
Fiat’s group adjusted earnings before earnings before interest and taxes increased in the third quarter of 2016, jumped 29% to $1.62 billion while the group’s margins increased to 5.9%. Net income also increased to $653 million compared with a loss of $387 million in the third quarter of 2015.
For the full year, the FCA raised its guidance for adjusted EBIT to $5.94 billion and adjusted net profit raised to $2.5 billion from $2.3 billion. (more…)