The quarterly of Fiat disappointing and the Lingotto stock slipped to Piazza Affari, losing just under four percentage points at the beginning of the afternoon.
Between July and September, the Turin house recorded a management profit down on an annual basis from 901 to 816 million euros and a Net income up from 171 to 189 million. Both figures are sharply lower than estimates averages of analysts, who had forecast 915 and 265 million euros respectively. As for revenues, they rose by 1,4% nominal and 8% at constant exchange rates, to 20,7 billion.
Fiat also has cut the targets for 2013: the Lingotto now expects revenues of around 88 billion euros (previously a range between 88 and 92 billion had been indicated), trading profit between 3,5 and 3,8 billion (from 4,0-4,5 billion ) and a net profit between 0,9 and 1,2 billion (from 1,2-1,5 billion).
