1 Min Read
MILAN/DETROIT, Jan 29 (Reuters) - Italian automaker Fiat on Wednesday reported fourth-quarter earnings below analysts expectations and cut its 2014 guidance more than expected, hit by a weaker performance in Latin America and sending its shares more than 3 percent lower.
The company also said it would not pay a dividend on 2013 earnings to preserve liquidity after taking full control of its U.S. unit Chrysler earlier this month.
Fiat reported a fourth-quarter trading profit for the group of 931 million euros ($1.27 billion), compared with a restated 887 million euros the previous year and analysts consensus of 1.15 billion euros. Trading profit is earnings before interest, tax and one-time items.
The automaker now expects a 2014 trading profit of between 3.6-4.0 billion euros, down from a range of 4.7-5.2 billion euros given in October 2012 and below an analyst forecast of 4.15 billion euros.