Reuters - Video

Edition: US | UK | IN | CN | JP

Finance Videos

Daily Digit: Fiat cuts targets

Wednesday, October 30, 2013 - 01:08

Oct 30 - Italian automaker Fiat has cut its 2013 financial targets as a third-quarter revenue slump in crucial Latin American markets offsets a strong performance at Chrysler, the No.3 U.S. automaker it controls. David Pollard reports

▲ Hide Transcript

View Transcript

3.5 billion euros is today's daily digit - the reduced trading profit forecast at Fiat. The Italian automaker cut its 2013 financial targets by half a billion euros, sparking a share price fall of almost six percent. A third quarter revenue slump in crucial Latin American markets was largely to blame. Trading profit there tumbled to 165 million euros from more than 340 million a year ago. Full-year net profit at Fiat is now expected in the 900 million to 1.2 billion euro range, well below last year's 1.4 billion euros. For the past two years Chrysler - which Fiat controls - has helped offset problems in Europe. But this time another strong performance at America's third largest auto maker - net revenue rose 13.5% - wasn't enough. The results of both companies are being closely watched as it's thought Chrysler may go ahead with an IPO early next year. A stock-market listing is seen as possible if Fiat cannot resolve a dispute with a union-affiliated healthcare trust which owns 41% of Chrysler.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Daily Digit: Fiat cuts targets

Wednesday, October 30, 2013 - 01:08