Fiat Chrysler Automobiles may have begun the third quarter on a sour note, slammed with a record fine for safety lapses, but it ended the second-quarter in fine tune, handily exceeding Wall Street earnings forecasts.
The company, officially registered in the Netherlands, earned a profit of 333 million Euros, or $364 million, even after a chargeback of $88.5 million as a result of the consent order formally announced last weekend. A year ago, FCA earned 197 million Euros, or $215 million, for the period. On a per-share basis, the maker reported earnings of $0.21 between April-June 2015, analysts surveyed by MarketWatch predicting the figure would come in around 19 cents.
As has been the case for several years, the recovering Chrysler side of the business helped prop up the balance sheet, primarily due to strong demand – and rising prices – in North America. But FCA also saw improvements in a European market just rebounding after a long and deep recession.