FCA posts solid second quarter

Worldwide
Published:  06 August, 2019

The automotive manufacturing Group said the results were largely driven by U.S. demand for large pickups and Jeep and confirms its full-year guidance.

FCA has reported strong results for the second quarter of 2019 results. Net profit from continuing operations totalled €0.8 billion in the quarter. Adjusted net profit was €0.9 billion, while adjusted EBIT totalled €1.5 billion, with a margin at 5.7%. While Group Adjusted EBIT was in line with the prior year, North America is reported to have achieved record results in the second quarter, despite shipments declining 12%, largely attributable to dealer stock reductions of approximately 80 thousand units, according to FCA.

The Group’s worldwide shipments totalled 1.157 million units in the quarter, down 11%. The carmaker said the successful launch of the all-new Ram heavy-duty pickup, along with the continued success of the all-new and Classic Ram 1500, resulted in a U.S. large pickup market share of 27.9% in the period, up 7 percentage points from the same quarter in 2018, with the all-new Jeep Gladiator pickup launch exceeding FCA’s expectations and  production already achieving full run rate. In the luxury segment, Maserati posted a loss of €119 million in the quarter as it cut production to reduce dealer stocks by 46%, shipping a total of 4,200 cars.

“In the second half of the year, we will continue to focus on the underperforming areas of our business, including Maserati, where we’ve reinforced our leadership team; and EMEA, where we continue to target increased margins through the impact of restructuring actions, better management of channel mix, and targeted product strategies”, said Mike Manley, CEO, FCA.