Fiat swings to fourth-quarter net loss, forecasts 2010 profit
(chinatrucks.com, Jan.26, 2010)Fiat, which acquired a 20% stake in Chrysler Group LLC last summer, reported on Monday a loss of 281 million euros ($398 million), compared with profit of 163 million euros in the year-earlier period.
During the quarter, the company took fresh charges on restructuring as well as write-downs on the value of platforms and architecture from Chrysler.
Total revenue rose 3.6% to 13.6 billion euros. Revenue at the automobile segment, the group's biggest profit generator, increased 23% during the fourth quarter. In contrast, revenue at Fiat's agricultural and construction equipment division, CNH, /quotes/comstock/13*!cnh/quotes/nls/cnh (CNH 26.25, +0.77, +3.03%) fell 22%.
Sales at the Iveco truck and commercial vehicle unit dropped 8%. Components and productions systems revenue rose 4%.
Fourth-quarter trading profit -- Fiat's operating profit excluding one-time items -- declined to 488 million euros from 663 million euros in the year-earlier period. Most analysts expected trading profit of 460 million euros.
Full-year trading profit at the maker of Fiat, Maserati, Alfa Romeo, Lancia and Ferrari cars was 1.06 billion euros, with a strong contribution from the automobiles business. That figure exceeded Fiat's outlook of 1 billion euros, but it was down 68% from 3.36 billion euros in 2008.
Net industrial debt was reduced to 4.4 billion euros in 2009 from 5.9 billion euros the previous year, also coming in ahead of guidance.
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