FCA US reports first quarter financial results image

Fiat Chrysler Automobiles NV, the seventh-largest automaker in the world, had its US subsidiary change its name from Chrysler Group LLC to FCA US, with the latter reporting now on the financial results of the first quarter.

Last year Italy’s Fiat SpA and its US subsidiary Chrysler Group LLC merged to form the new Fiat Chrysler Automobiles NV, a global group with the residence in the Netherlands, the headquarters in London and share listing on the New York Stock Exchange and Milan bursa. Chrysler made the move to change its name into Fiat Chrysler Automobiles US, the most important division of the automakers, since today most of its revenue comes from North America. The unit announced that during the first three months of the year it had earnings of $312 million without a one-time gain of $2.4 billion and some other one-time expenses. According to a recent statement issued by the automaker, the first quarter net income was of $2.6 billion, thanks to a one-time gain coming from a tax status modification. Last year’s financial results were complicated by its restructuring as it became the wholly-owned subsidiary of Italy’s Fiat and the merger into Fiat Chrysler Automobiles. As a result, the first quarter of 2014 had a loss of $690 million including one-time events and a profit of $486 million without them.

During the first three months of the year the total sales soared 6.3 percent to 505,854 units, mostly buoyed by a 23 percent jump in deliveries for the Jeep brand. Strong sales for the Ram truck brand, record deliveries of Jeep vehicles and positive growth of the Chrysler 200 sedan led revenue during the period up 10 percent to $20.9 billion.

Via Automotive News