The shower of quarterly reports continues with another big name. To disclose their accounts today, in addition to Post, Essilor Luxottica e Leonardo, it is FCA that closed the second quarter of 2019 with a Net income of continuing operations equal to 793 million euros (+14%), a diluted eps at 50 cents (+14%) e an adjusted net profit of 928 million (+2%). They fell by 3 percent to 26,741 billion i Net revenues, while the 'adjusted ebit is stable at 1,5 billion euro, with a edge to 5,7%, up 10 basis points.
The consensus of analysts was for revenues down to 27,7 billion, an EBIT of 1,5 billion, with a margin of 5,4%.
Il cash flow of operating assets improved 15% to 2,989 billion, while the industrial free cash flow is down 50% to 754 million, including 400 million euros set aside in 2018 in relation to diesel engine emissions disputes in the United States, as well as increased investments, FCA said.
As for the operational part, the global deliveries totaled 1.157.000 vehicles, down 11%. Territorially, in North America deliveries decreased by 12% "mainly due to the reduction in stock in the sales network (down by approximately 80.000 units compared to the first quarter of 2019), partly offset by higher volumes of Ram pickup and the start of deliveries of the new Jeep Gladiator,” FCA explains in a statement. -34% the result achieved in the Apac area (Asia-Pacific), while in the Emea the drop is 10%. Stable deliveries in Latin America, "with the increase in volumes in Brazil offset by the decline in Argentina due to the continuous decline in the market".
"Based on the strong second quarter results and the initiatives implemented to maintain this positive momentum, we remain confident on the achievement of our 2019 objectives," commented the FCA chief executive, Mike Manley. “The strong performance continues in North America and in Latam – continues Manley. Robust demand for our new products and the steps we have taken to discipline our operations have generated the momentum to meet our 2019 targets.”
In North America, FCA recorded net revenues of 17,6 billion, an adjusted EBIT of 1,565 billion, with a margin of 8,9%.
After the publication of the quarterly, the Fiat Chrysler stock it soared, gaining almost 5% to 12.282 euros and entering the volatility auction. A few minutes later it re-entered trading with an increase of 3,96%. Up until 12.55 the shares were trading at 11,71 euros (+0,5%).
To push the purchases is above all the confirmation of targets for 2019 which forecast an adjusted EBIT exceeding 6,7 billion euros and industrial free cash flow at more than 1,5 billion, lower than in 2018. Analysts instead expected a downward revision of the guidance.
