Fiat Group Deliveries, Revenue, Income and Profit Fall Significantly in First Quarter

FiatFiatItaly, 1899 > present159 models
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Group and ChryslerChryslerUnited States of America, 1925 > present70 models
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have released their first quarter financial results, and both companies are posting significant losses.

As an entity, Fiat Group and Chrysler Group reported revenue of €19.757 billion, down from €20.221 billion in the first quarter of last year. Earnings before interest and taxes fell to €618 million, down from €835 million last year. Net profits fell to €31 million, down from €262 million last year. Deliveries fell slightly to 1,0117,000 cars from 1,019,000 cars in the first quarter of 2012. 

Fiat Group excluding Chrysler had net revenue of €8.557 billion compared to €8.685 in 2012. Earnings before taxes and interest increased to €65 million, compared to €8 million last year. Fiat Group did not have a net profit for the first quarter; it posted a net loss of €235 million compared to a net loss of €276 million in the first quarter of 2012. On top of the loss, Fiat Group's debt excluding Chrysler grew to €9.048 billion from €8.103 billion last year. 

Chrysler Group suffered losses of its own. It sold 574,000 vehicles worldwide in the quarter, down from 607,000 in 2012. Revenue fell to $15.4 billion (€11.7 billion) compared to $16.4 billion (€12.5 billion) in the first quarter of 2012. It's earnings before interest and taxes fell to $435 million (€331 million), down from $740 million (€563 million) in 2012. Net profit was $166 million (€126 million) compared to $473 million (€360 million) in 2012.

Chrysler blames the drop on fewer vehicle deliveries because factories are preparing to begin production of the Ram Heavy DutyRam Trucks Ram 3500 Mega ...United States of America, 2010 > present1 photo
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.

“We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule,” said Marchionne.

Fiat Group also broke out its financial results for FerrariFerrariItaly, 1947 > present233 models
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and MaseratiMaseratiItaly, 1914 > present62 models
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in the first quarter. Ferrari's net revenue increased to €551 million from  €511 million last year and had earnings before taxes and interest of €80 million, up from €56 million last year. It sold 1,798 cars in the quarter, up 4%. Maserati revenue fell to €157 million from €164 million in 2012, and it had earnings before taxes and interest loss of negative €4 million, after having positive €16 million in earnings last year. It sold 1,304 cars worldwide, a 5% decrease