Fiat Chrysler sees net profit rising fivefold by 2018

DETROIT Tue May 6, 2014 4:48pm EDT

DETROIT May 6 (Reuters) - Fiat Chrysler said on Tuesday it expects to increase its net profit fivefold by 2018 to around 5 billion euros ($6.97 billion), boosted by a major increase in sales of its Jeep SUVs and an overhaul of its sporty Alfa Romeo brand.

In a 2014-2018 business plan, the world's seventh-largest carmaker said it expects revenue to rise to around 132 billion euros ($183.92 billion) by 2018 from 86.8 billion euros last year, while sales volumes are seen increasing to around 7 million vehicles from 4.4 million.

Net industrial debt is seen peaking at around 11 billion euros in 2015, up from an adjusted 9.7 billion at the end of 2013, while total capex and R&D spending over the 2014-18 period is forecast at around 48 billion euros, averaging around 9.5 billion euros per year.

The company said no capital increases and no dividends are included in the 2014-18 plan. The company plans to complete the move of its primary listing to the New York Stock Exchange by the end of this year, and plans to achieve investment grade credit metrics by 2017. ($1 = 0.7177 euro) (Reporting by Agnieszka Flak and Bernie Woodall in Detroit; editing by Matthew Lewis)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article