Fiat Industrial Q3 trading profit beats consensus
MILAN Oct 31 (Reuters) - Italian truck and tractor maker Fiat Industrial said on Wednesday its third quarter trading profit rose 91 percent over the year-ago period, with strong performance of its agricultural equipment driving growth.
As a result, it upped its full-year 2012 targets for group revenue to over 25 billion euros (from 25 billion euros) and trading profit to more than 2 billion euros from a previous range of 1.90-2.0 billion euros.
The company, which was spun off from Fiat in 2011, said its net profit was 297 million euros.
Trading profit was was 575 million euros, above forecasts.
At 1014 GMT, shares were 3.6 percent higher at 8.40 euros.
"The market likes the upgrade in revenues and trading profit guidance," said a trader.
Talks with its subsidiary CNH for a merger continue, and the parties will explore whether they can reach an agreement on revised terms, Fiat Industrial said.
The merger plan had been slated for approval on Wednesday, but is taking more time than planned because the CNH board rejected the terms.
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- Ukraine leader says Russian forces are in the country as key town falls
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |