Fiat Chrysler returns to profit in third-quarter as North America posts record results

MILAN (Reuters) - Fiat Chrysler <FCHA.MI> turned back to an operating profit in the third quarter as the auto industry rebounded worldwide and especially in the U.S., after a rout triggered by the COVID-19 epidemic in the first half of this year.

The Italian-American car maker on Wednesday said it posted adjusted earnings before interest and tax (EBIT) of 2.28 billion euros ($2.7 billion) in the July-September period. That topped a 1.152 billion euro forecast in an analyst poll compiled by Reuters.

"Our record results were driven by our team's tremendous performance in North America," Chief Executive Mike Manley said in a statement.

Milan-listed shares in FCA trimmed earlier losses after the results were released. By 1110 GMT they were down 3%.

FCA, which earlier this year withdrew its guidance for its full-year results, said it now forecast a 3-3.5 billion euro adjusted EBIT in 2020, but added that the new guidance was not assuming further significant disruptions from COVID-19.

(Reporting by Giulio Piovaccari; editing by Agnieszka Flak)

10/28/2020 11:21

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