The Milan Stock Exchange closed the morning with a fall of 0,7% after the publication of the semi-annual FCA and the spread of the news of the disappearance of the former CEO Sergio Marchionne. The volatility auction is triggered for FCA and for the Exor safe. The Fiat Chrysler stock, which then returned to trading, around 14 pm - shortly before the conference call with which the new CEO Mike Manley will present the accounts to analysts in London - rose by 9,37% to 15 euros, Exor -3,45 % at 53,68 euros and Ferrari -2,
Sales on Lingotto shares (Ferrari jumps but holds at -2,53% at 111,5 euros, substantially unchanged Cnh) are unleashed when the half-yearly and adjusted the 2018 targets on revenues and adjusted ebitda. On the other hand, the profit estimates have been confirmed.
The semester closed with a net profit of 1,775 billion euros, down 1% compared to the same period a year ago. L'adjusted net profit, on the other hand, amounted to 2,019 billion, up 15%. Net revenues rose 1% to 56,02 billion euros, with overall shipments rising 6% to 2,5 million units and consolidated shipments rising 8% to 2,4 million units. Adjusted EBIT at June 30, 2018 amounted to €3,266 billion, down 4% year-on-year.
In return, the group has canceled the debt, reaching the objective pursued for years by Sergio Marchionne is passed away today 25 July in Zurich. Fiat Chrysler "reports net industrial liquidity for the first time, at 0,5 billion euros" emphasizes the note of the group. There was an “improvement of €1,8 billion compared to the end of March, with a positive industrial net financial position representing a milestone for the Group”.
Looking at the second quarter of the current year, net income is 754 million euros, down 35% compared to the same period a year ago. Quarterly adjusted net income is $981 million, down 9%. Net revenues grew by 4% to 28,99 billion euro, adjusted ebit fell by 11% to 1,655 billion euro. Overall deliveries in the quarter amounted to 1,3 million cars (+6%), consolidated ones 1,25 million (+10%).
The group has therefore revised downwards the estimates for the end of the year relating to net revenues and adjusted ebitda, however confirming those for the adjusted net profit. For 2018, the automotive group expects net revenues between 115 and 118 billion euros, an adjusted ebit between 7,4 and 8 billion euros, with a confirmed adjusted net profit of approximately 5 billion euros. Net industrial liquidity is expected to be around €3 billion, against a previous estimate of around €4 billion.
It will now be up to the new CEO Mike Manley, in London, to reassure the markets and investors in the conference call scheduled for 14 pm Italian time.
La morning was closed in Piazza Affari in a relatively stable waiting situation, against modest increases on European markets. Frankfurt moves negatively at -0,6% in line with Piazza Affari -0,64%. Flat Paris, London -0,8%.
