Chrysler reports third-quarter profit on the rise image

Fiat Chrysler Automobiles has reasons to be proud of its American unit Chrysler Group LLC, which announced its third-quarter net income jumped 32% to $611 million and decided to stick to its full-year guidance, sending shares up in early trading.

FCA also announced last week that its third-quarter operating profit surged 7% to 926 million euros ($1.15 billion) as the revenue increased 14% to 23.6 billion euros ($29.5 billion). The earnings call was also used to announce the surprise spin off of Ferrari, the luxury sports car brand that usually brings in hefty earnings.

The third-biggest US automaker said that revenue – mostly coming from the North American home region – had also grown 17.6% to $20.66 billion, matching the rise in vehicle deliveries – which stood at 711,000 units. Sales outside the home territories were also better – rising 11% to 91,000 autos. According to Chrysler, the full-year guidance for the net revenue remained at $80 billion, with adjusted net income of $2.3 billion to $2.5 billion, and free cash flow of $500 million to $1 billion.

The carmaker also managed to increase its US market share, from 11.2% during the same period in 2013 to 12.3% for the third-quarter. The automaker continuously raised its market presence since Fiat SpA first took control of Chrysler, back in 2009 when the company emerged from government sponsored bankruptcy.

Via Reuters