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MarketScreener Homepage  >  Equities  >  Nyse  >  Fiat Chrysler Automobiles    FCAU   NL0010877643

FIAT CHRYSLER AUTOMOBILES

(FCAU)
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Fiat Chrysler defies slowdown thanks to North America performance

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07/31/2019 | 08:17am EST
FILE PHOTO: Ram Power Wagon pickup unveiled at the North American International Auto Show in Detroit, Michigan

MILAN (Reuters) - Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its RAM pick-up brand in North America helped it to defy an industry slowdown.

A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors - including Renault, Daimler and Aston Martin - to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook.

Japan's Nissan, a long term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed.

In its first earnings release since a failed attempt to merge with France's Renault, FCA said it was confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion).

The confirmation of the outlook initially sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4% and they were 3.33% higher by 1136 GMT.

In the second quarter the group's adjusted EBIT totalled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll.

FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its RAM brand resulted in an enhanced share of the large pick-up truck market of 27.9%, up 7 percentage points from last year.

Adjusted EBIT margin in the U.S. rose to 8.9% from 6.5% in the first quarter. FCA also cited the group's strong performance in Latin America to support its confidence in the outlook for the year.

Margins also turned positive in Europe, the Middle East and Africa, to 0.4%, after the region lost money in the previous quarter.

The company said it would continue to focus on the underperforming areas of its business in the second part of the year, including Maserati and the EMEA region.

For the EMEA region "we continue to target increased margins through the impact of restructuring actions, better management of channel mix, and targeted product strategies," FCA said.

Chief Executive Mike Manley said earlier the European region would return to profitability with margins of around 3 percent by the end of 2019.   

But new models such as full-electric 500 mini car and hybrid versions of Jeep and Maserati SUVs are not expected to hit the market before next year.

(Reporting by Giulio Piovaccari; Editing by Keith Weir)

By Giulio Piovaccari

Stocks mentioned in the article
ChangeLast1st jan.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -4.46% 603.2 Delayed Quote.-48.51%
DAIMLER AG 0.46% 49.65 Delayed Quote.7.72%
EXOR N.V. 0.61% 69.22 End-of-day quote.46.47%
FIAT CHRYSLER AUTOMOBILES 0.06% 13.262 End-of-day quote.4.57%
FIAT CHRYSLER AUTOMOBILES -1.01% 14.63 Delayed Quote.1.18%
FORD MOTOR COMPANY 1.01% 9.02 Delayed Quote.17.91%
NISSAN MOTOR CO., LTD. -0.22% 675.1 End-of-day quote.-21.14%
RENAULT 1.12% 42.275 Real-time Quote.-23.34%
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Financials (EUR)
Sales 2019 108 B
EBIT 2019 6 339 M
Net income 2019 3 667 M
Finance 2019 4 528 M
Yield 2019 4,67%
P/E ratio 2019 6,06x
P/E ratio 2020 4,82x
EV / Sales2019 0,15x
EV / Sales2020 0,15x
Capitalization 20 788 M
Chart FIAT CHRYSLER AUTOMOBILES
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Technical analysis trends FIAT CHRYSLER AUTOMOBILES
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 15,48  €
Last Close Price 13,26  €
Spread / Highest target 111%
Spread / Average Target 16,8%
Spread / Lowest Target -17,1%
EPS Revisions
Managers
NameTitle
Michael Mark Manley President, Chief Executive Officer & Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer Chief Financial Officer & Executive Director
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
FIAT CHRYSLER AUTOMOBILES1.18%22 971
SAIC MOTOR CORPORATION-14.70%37 781
FERRARI67.11%30 812
MARUTI SUZUKI INDIA LTD-7.75%29 186
FIAT CHRYSLER AUTOMOBILES4.57%22 971
EXOR N.V.46.47%17 713