Fiat Chrysler Automobiles N.V. (NYSE: FCAU) reported-second quarter 2016 results before markets opened Wednesday. The automaker posted adjusted diluted earnings per share (EPS) of €0.448 ($0.49) on revenues of €27.89 billion ($30.69 billion). In the same period a year ago, the company reported EPS of €0.243 on revenues of $28.54 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.50 and $31.77 billion in revenues.
The company’s Jeep brand continues to lead Fiat Chrysler sales. Through the first half of 2016 the company has sold 83,691 Jeep units in the United States, a jump of 17% year over year, while sales of the Ram pickup brand is up 11.3% and Dodge brand sales are up 5.7%. Chrysler brand sales are down 19.3% year over year.
Jeep’s European sales rose 24.5% in the first half of the year to 53,555 units. The company’s Fiat brand, which is a dud in the United States, got a sales bump of nearly 18% in Europe to more than 414,000 units. Overall sales in Asia are down 50% year over year to just 23,000 units for the quarter.
Operating profit for the second quarter rose 16% to €1.63 billion, not including €414 million in recall charges related to Takata airbag inflator recalls and €105 million in costs related to renovating some manufacturing to produce more pickup trucks and sport utility vehicles (SUVs).
Fiat Chrysler raised its full-year revenue guidance from €110 billion to more than €112 billion ($121 billion) and adjusted net profit from around €1.9 billion to more than €2 billion. The company also confirmed that net industrial debt will fall below €5 billion this year.
The consensus analysts’ estimate for third-quarter EPS is $0.50 on revenues of $31.77 billion. For the full year, the consensus estimates call for $1.55 in EPS and revenues of $124.23 billion.
Fiat Chrysler’s shares traded down about 2.6% late Wednesday morning to $6.82, after closing at $7.00 on Tuesday, in a 52-week range of $5.45 to $16.62. The consensus price target on the shares was $9.02 before the earnings report.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
