FCA reports second quarter Adjusted EBIT of €1.6 billion, up 16%, with Group margin of 5.8%, up 90 bps; Adjusted Net Profit of €0.7 billion, up 91% and Net Profit of €0.3 billion, up 25%. Net Industrial Debt reduced to €5.5 billion. Full year guidance is raised.
- Worldwide consolidated shipments of 1,175 thousand units, down 1% driven by APAC due to transition to local Jeep production in China. Worldwide combined shipments (including JVs) were 1,233 thousand units, up 1%, LATAM reduction more than offset by EMEA increase
- Net revenues of €27.9 billion, down 2% (+1% at constant exchange rates, or CER)
- Adjusted EBIT increased 16% to €1,628 million, with EMEA more than doubled and improved margins for all regions and Components. EBIT decreased 14% to €1,060 million primarily due to charges for Takata airbag inflator recalls of €414 million
- Net industrial debt reduced by €1.1 billion from March 2016 due to strong cash generation from operations
- Market share in U.S. increased to 12.7%, up 30 bps, and in Europe to 6.8%, up 40 bps; remained market leader in Brazil with 17.8% market share
- Worldwide Jeep sales up 16% with increases in all regions
- Moody’s Investors Service raised FCA’s corporate credit rating to “Ba3” from “B1” and rating on bonds issued or guaranteed by FCA from “B2” to “B1” with “Stable” outlook
