Fiat Chrysler Automobiles closed the third quarter with an adjusted net profit of 1,396 billion euros, up 51% over the same period a year ago. Net profit, on the other hand, amounted to 564 million euro (-38%). FCA's quarterly revenues rose 9% to 28,771 billion euros, with adjusted EBIT reaching a record level of 1,995 billion euros, up 13% over a year. FCA's overall deliveries (including the joint ventures) amounted to 1,16 million cars, up 3% on the same period of 2017.
As of September 30, 2018 net industrial debt is 189 million euros, when as at 30 June the group recorded a net industrial liquidity of 456 million, while at the end of 2017 the net industrial debt was 2,39 billion euros. The negative change in the summer period is mainly due to discretionary advance payments to pension plans for 600 million euros after tax.
La sale of Magneti Marelli to CK Holdings Co. Ltd, which controls the Japanese group of Japanese components Calsonic Kansei and which belongs to the US fund Kkr, will make the shareholders happy: FCA has in fact announced that thanks to the sale, a extraordinary dividend of 2 billion euro in the pockets of the shareholders of the Italian-American group. The Magneti Marelli deal alone is worth a value of 6,2 billion euro. The distribution of dividends, FCA specifies in the note, however, is subject to approval by the board of directors and the shareholders' meeting.
To the results the most important contribution came from the Nafta area (United States, Canada and Mexico), with the EMEA area remaining almost stable. In Latin America we see a recovery in Brazil, with Argentina still suffering. The contribution from Asia was negative, with the Chinese market not taking off for the Italian-American group.
Fca has confirmed the operating targets for the end of the year, while revising the estimate on industrial net liquidity. The group led by Michael Manley confirms that it expects net revenues between 115 and 118 billion euros, an adjusted ebit between 7,5 and 8 billion euros and a net profit of approximately 5 billion euros. As regards industrial net liquidity, now expected to be between 1,5 and 2 billion euros, against the previous forecast of 3 billion, the group explains that this reflects the realignment of production to expected demand and the discretionary advance payments made to pension plans. net of taxes.
After the publication of the quarterly accounts, the FCA stock in Piazza Affari it recovered around parity and then returned to -2,67% below the 14 euro level.
