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Fiat confirms 2013 financial targets
April 29, 2013 / 2:00 PM / 4 years ago

Fiat confirms 2013 financial targets

MILAN, April 29 (Reuters) - Italian automaker Fiat on Monday confirmed its 2013 financial targets, despite lower profits at its U.S. arm Chrysler and continued losses in Europe, where the car market weakened further.

Fiat said its group trading profit fell to 618 million euros ($805 million), below analysts forecasts of 720 million euros.

Net debt was 7.10 billion euros, against a forecast of 7.15 billion euros and compared to 6.5 billion euros at year-end.

Earlier on Wednesday, Chrysler said its first quarter net income fell to $166 million, from $473 million in 2012, on lower vehicle shipments due to key product launches, as anticipated.

For all of 2013, Fiat said Monday it sees revenues in the 88-92 billion euro range, trading profit between 4.0 and 4.5 billion euros, and net industrial debt of about 7 billion euros.

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