“I have no bad news to tell you.” Thus begins the presentation of Sergio Marchionne of accounts Fiat Chrysler to the analysts gathered in London to listen to the lunge of the CEO who never spares surprises and emotions. And who is certainly in a good mood this time, given the results. Thanks also to the boom in the US currency i Fiat Chrysler's euro revenues up 25% in second quarter, against 10% net of the exchange rate effect. But this notation in no way detracts from the record result of the group led by Sergio Marchionne.
The Nafta area, which, according to some analysts, must have been the group's weak link. On the contrary, thanks to a formidable exploit, the group closed yesterday on a high note, with exceptional numbers, a turbulent week: the announcement of the IPO of Ferrari (in the meantime, profits went from 105 to 124 million, the quotation confirmed by 2015), the 105 million fine imposed by the US road safety agency, the withdrawal of the "hacked" cars and, so as not to deny , even the threat of a class action coming from Canada. All of this takes a back seat to the numbers approved in London by the board of the Turin-Detroit group, which electrified Piazza Affari where the stock rose by more than 5% until it once again touched the 14 euro level:
1) Turnover of 29,2 billion euros (+25% compared to 23,3 billion in 2014) for an operating profit of 1,348 billion (against 961). For the whole of 2015, the turnover forecast rises to over 110 billion (against 108). Adjusted EBIT is forecast at 4,5 billion (4,1-4,5 the previous estimate).
2) Net income more than doubled to $450 million. The forecast remains unchanged: 1-1,2 billion.
3) Net debt fell to 8 billion (from 8,6). The forecast at the end of the year is between 7,5 and 8 billion.
4) The sales target was reduced: 4,8 million "pieces" (against the previous 4,8-5 million).
5) The sale of Magneti Marelli is not envisaged “immediately”. “It is not excluded – Marchionne said – that plans to sell Magneti Marelli may emerge in the coming months, but there are no immediate plans. The company makes an important contribution to the group and therefore we work to develop it. He's doing a terrific job."
It was above all the North American market that drove the accounts where, against revenues of 17,2 billion (with a margin of 7,7% against the previous 4,4%, much closer to that of GM and Ford between 10 and 11%) , the Ebit it more than doubled to 1,3 billion (against 595 million). Europe is also doing well: turnover +18%, a modest profit returns (57 million) after last year's break-even and the deep red in recent years. South America, already a reservoir of oxygen in the dark years, suffers: turnover -15%, losses of 79 million. Asia is also slowing down (profits of 47 million against 110 million) but that's very little if you think of the troubles of its German rivals. Yesterday Volkswagen had to revise its estimates for 2015 downwards, given the crisis in Chinese demand. In this context, the increase in Fiat Chrysler's targets is undoubtedly a double satisfaction for Marchionne and John Philipp Elkann.
