fiat spa-spons adr (FIATY) Key Developments
Fiat Chrysler Automobiles Reports Sales Results for the Month of July 2014
Aug 14 14
Fiat Chrysler Automobiles has reported that sales for the month of July 2014. For the month of July 2014, the sales were 31,000 vehicles, a decrease of
1.4%, compared to July 2013.
Fiat Shares Price Drop Due To Chrysler Merger Plans
Aug 6 14
Fiat S.p.A. (BIT:F) have been suspended temporarily after an excessive drop due to investor concerns that a planned merger with Chrysler Group LLC may be blocked.
Fiat SpA to Launch New Punto Evo in India
Jul 31 14
Fiat SpA announced that it is launching its new Punto Evo in India on August 8, 2014. The vehicle is based along the lines of the Avventura concept that was showcased at the 2014 Auto Expo. It is to compete with the facelifted Volkswagen Polo and the upcoming new Hyundai i20 in the B+ segment of cars in India.
Fiat S.P.A. Announces Earnings Results for the Second Quarter and First Half of 2014; Reaffirms Earnings Guidance for the Full Year of 2014
Jul 30 14
Fiat S.p.A. announced earnings results for the second quarter and first half of 2014. For the quarter, the company reported net profit was EUR 197 million compared with EUR 435 million in the same period last year. Net profit was impacted by the lower EBIT and EUR 137 million increase in tax charges, due to US earnings being subject to deferred taxes. The group's sales revenues rose 4.7% year on year to EUR 23,238 million (USD 31,115 million), although Fiat noted that, at a constant exchange rate (CER), this would have been an increase of 10% year on year. Profit before taxes declined 18.2% (EUR 455 million) for the quarter. EBIT slumped from EUR 1,073 million to EUR 961 million, while net profit fell from EUR 435 million to EUR 197 million, a decline of 54.7%. The company's effective tax rate jumped from 22% to 57%. Net industrial debt stood at EUR 9,704 million, down from EUR 9,996 billion in the second quarter of 2013.
First-half revenues increased 8% (or 13% at a CER), and shipments were up 5.3%. Profit before taxes declined 67.8% (EUR 232 million). Revenues and EBIT were up 2.4% and 7.4%, respectively.
The company confirmed its financial guidance for 2014 and it is expecting sales revenues to end the year at around EUR 93 billion, while EBIT is anticipated to reach EUR 3.64 billion, both up significantly compared with a year ago. Net profit will be down on previous one-offs in 2013, and it is planned to reach EUR 600-800 million. This includes an increased deferred tax charge of around EUR 500 million due to the recognition of net deferred tax assets at year-end 2013 related to Chrysler. FCA also added that it expects net industrial debt to stand a EUR 9.8 billion to EUR 10.3 billion.
Fiat Chrysler Opens New Management Centre at Mirafiori Site
Jul 25 14
Fiat Chrysler has opened a new management centre at its Mirafiori site in Turin (Italy). The 42,000-square-metre centre, known as Officina 82, has benefited from the investment of EUR 40 million (USD 53.9 million). It will house administration, informational technology (IT) and accounting functions for the business in the former warehouse. Around 1,500 employees currently working at another site will move there.