Fiat Chrysler Stock Soars On Record First Quarter Earnings Report
(WWJ) Fiat Chrysler stock spiked after the company announced Thursday morning that it had just marked a record first quarter with an adjusted net profit of $731 million.
Of that, $1.6 billion was pre-tax and $1.3 billion of that was earned in the United States.
The company expects to earn $3 billion for the year.
Company shares rose 4 percent in the minutes following the announcement.
In detail: from Fiat Chrysler, here's what that record looks like-
- It was a record first quarter with Adjusted EBIT of €1.5 billion, up
11 percent - The company's profit margin increased to 5.5 percent
- Adjusted net profit was up 27 percent to €0.7 billion and Net Profit of €0.6 billion.
• Worldwide combined shipments of 1,145 thousand units, substantially in line with Q1 2016
• Net revenues of €27.7 billion were up 4 percent
• Adjusted EBIT of €1,535 million was up 11 percent
• Adjusted net profit of €671 million, which was up 27 percent - Net profit of €641 million, a 34 percent increase
• Liquidity is strong at €21.6 billion
• Moody's Investors Service improved the company's outlook to positive from stable and affirmed