FCA reported Q3 Net revenues at €27.5 billion, up 17% and Adjusted EBIT at €1.3 billion, up 35%, driven by strong performance in NAFTA, Ferrari and Components in addition to continued improvement in EMEA. Group recorded one-off after-tax charges of €602 million (excluded from Adjusted EBIT) mainly to adjust reserves to reflect current regulatory and recall environment. Net industrial debt was reduced to €7.8 billion, down €0.2 billion from prior quarter.
- Worldwide shipments were 1.1 million units, in line with Q3 2014. Jeep’s positive performance continued with worldwide shipments up 27%.
- Net revenues were €27.5 billion, 17% higher than Q3 2014.
- Adjusted EBIT¹ was €1,303 million, up 35% from €968 million in Q3 2014 with NAFTA more than doubling and LATAM returning to profitability despite continuing poor market conditions.
- Adjusted net profit² was €303 million, compared to €230 million in Q3 2014 while without adjustments there was a Net loss of €299 million compared to a Net profit of €188 million in Q3 2014.
- Net industrial debt was €7.8 billion, down €0.2 billion from June 30, 2015. Liquidity remained strong at €24.9 billion.
- The Group confirms its full-year guidance as revised upwards in Q2 and notes that Net industrial debt guidance is adjusted to €6.6 – €7.1 billion (€7.5 – €8.0 billion previously) to reflect transactions completed in connection with the Ferrari IPO.
FIAT CHRYSLER AUTOMOBILES – Highlights
¹ Adjusted EBIT is calculated as EBIT excluding: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature.
² Adjusted net profit is calculated as Net profit/(loss) excluding post-tax impacts of the same items excluded from Adjusted EBIT: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature. Adjusted basic EPS is calculated by adjusting Basic EPS for the impact of the same items excluded from Adjusted EBIT. Refer to page 10 for detailed calculation.
³ EBIT plus Depreciation and Amortization.
4 At June 30, 2015.
5 At December 31, 2014.