FCA third-quarter revenues up 14% to €23.6 billion and EBIT up 7% at €0.9 billion. Net industrial debt at €11.4 billion reflecting seasonality and liquidity stable at €21.7 billion. Full-year guidance confirmed.
- Worldwide shipments were 1.1 million units, an increase of 10% driven by strong sales performance in NAFTA.
- Revenues were up 14% to €23.6 billion.
- EBIT was €926 million, up 7% (+10% at constant exchange rates – CER) with improvements in all segments except LATAM where weak market conditions continued.
- Net profit was €188 million in line with Q3 2013.
- Net industrial debt was up €1.7 billion in the quarter, due to normal seasonality and in line with the change in Q3 2013.
- Group confirms full-year guidance.
“The Group’s third-quarter results demonstrate a solid performance in the face of challenging market conditions particularly in Latin America,” said FCA CEO Sergio Marchionne, “and we are on track to deliver on our full-year targets for 2014. With the formal creation of FCA and its debut listing on the NYSE, we have embarked on a new phase as a global company with even greater possibilities.”
FIAT CHRYSLER AUTOMOBILES – Highlights
| Nine months to September 30 | 3rd Quarter | |||||
|---|---|---|---|---|---|---|
| 2014 | 2013(*) | Change | (€ million) | 2014 | 2013(*) | Change |
| 3,393 | 3,181 | 212 | Total Shipments (000s) | 1,099 | 1,002 | 97 |
| 69,006 | 62,681 | 6,325 | Net Revenues | 23,553 | 20,693 | 2,860 |
| 2,157 | 2,542 | -385 | EBIT(**) | 926 | 862 | 64 |
| 5,756 | 5,936 | -180 | EBITDA(**)¹ | 2,166 | 2,030 | 136 |
| 647 | 1,089 | -442 | Profit Before Taxes | 415 | 369 | 46 |
| 212 | 655 | -443 | Net Profit | 188 | 189 | -1 |
| 0.132 | 0.036 | – | EPS (€) | 0.143 | (0.113) | – |
| 11,372 | 7,014(3) | 4,358 | Net Industrial Debt | 11,372 | 9,704(2) | 1,668 |
| 21,741 | 22,745(3) | -1,004 | Total Available Liquidity | 21,741 | 21,771(2) | -30 |
* Adjusted for the retrospective application of IFRS 11. For Q3, Revenues -€40 million, EBIT +€6 million, Profit Before Taxes +€2 million, Net Profit unchanged. For nine months to September 30, Revenues -€134 million, EBIT +€26 million, Profit Before Taxes +€7 million, Net Profit unchanged. Shipments for both periods adjusted to include Luxury Brands.
¹ EBIT plus Depreciation and Amortization.
² At June 30, 2014.
³ At December 31, 2013, adjusted for the retrospective application of IFRS 11: Net Industrial Debt +€365 million, Total Available Liquidity +€16 million.
(**) includes unusual items of:
| (417) | (36) | Total unusual items (pre-tax) 4 | (36) | (1) |
4 Includes: Gain/(losses) on the disposal of investments, Restructuring, Other unusual income/(expenses).
Memo items
| Nine months to September 30 | 3rd Quarter | |||||
|---|---|---|---|---|---|---|
| 2014 | 2013 | Change | (€ million) | 2014 | 2013 | Change |
| 509 | 691 | -182 | Net profit ex-unusual items | 224 | 190 | 34 |
| 0.374 | 0.072 | – | EPS ex-unusual items (€) | 0.171 | (0.009) | – |
