FCA profit rises before merger with Peugeot

FCA profit rises before merger with Peugeot

February 6, 2020 0 By autotimesnews

Representatives of the concern report a profit growth at the end of 2019.

Fiat Chrysler (FCA) reported fourth-quarter earnings growth of 7% on Thursday, driven by sales in North America and better results in Latin America as it merges with the French PSA.

The Italian-American automaker reported that adjusted earnings before interest and taxes (EBIT) rose to 2.12 billion euros ($ 2.3 billion), which is in line with the forecast of Reuters analysts who predicted 2.11 billion euros. As a result, the adjusted operating profit for the year was € 6.67 billion ($ 7.34 billion).

The adjusted EBITDA margin was 6.2%, which corresponds to the target value of more than 6.1%. Fiat Chrysler and Peugeot PSA maker agreed in December to join forces in a $ 50 billion deal to create the automaker, which will be the fourth largest in the world.

CEO Mike Manley said last month that negotiations with PSA are progressing well and hopes to complete the deal by early 2021.