Fiat Chrysler Automobiles
- FCA met analysts' expectations for Q4 2019 earnings.
- The automaker cited strong sales in the pickup-truck-mad US market as a key driver.
- FCA is progressing on a merger with Peugeot.
- Visit Business Insider's homepage for more stories.
Fiat Chrysler Automobiles said its operating profit matched expectations in the fourth quarter, boosted by strong North American business and better results in Latin America, as it heads to a merger with Peugeot.
The Italian American carmaker said on Thursday its adjusted earnings before interest and tax (EBIT) grew 7.1% to 2.12 billion euros ($2.33 billion) in the final quarter of 2019.
Then result was in line with a 2.11 billion euro forecast in an analyst poll compiled by Reuters.
In a statement, FCA highlighted strong pickup-truck sales in the US, a $7.2-billion deal to unload its Magneti Marelli partsmaker, and a new four-year contract with the United Auto Workers union, following a challenging 50-day strike against General Motors and the successful new contract with Ford.
FCA shares moved up 3% in pre-market trading, to $14.
(Reuters reporting by Giulio Piovaccari; editing by Stephen Jewkes.)
See Also:
- GM's profits shrank 17% in 2019 thanks to slumping sales and a paralyzing worker strike
- The first 2020 Chevrolet Corvette just rolled off the production line, marking a new and completely different generation of the car. Here's what makes it historic.
- Ford's earnings were even worse than expected, and its stock is plummeting
FOLLOW US: On Facebook for more car and transportation content!
