Fiat Chrysler returns to profit in Q3 as N. America posts record results

The car maker posted adjusted earnings before interest and tax of $2.7bln in the July-September period

  

MILAN - Fiat Chrysler turned back to an operating profit in the third quarter as the auto industry rebounded worldwide and especially in the U.S., after a rout triggered by the COVID-19 epidemic in the first half of this year.

The Italian-American car maker on Wednesday said it posted adjusted earnings before interest and tax (EBIT) of 2.28 billion euros ($2.7 billion) in the July-September period. That topped a 1.152 billion euro forecast in an analyst poll compiled by Reuters.

"Our record results were driven by our team's tremendous performance in North America," Chief Executive Mike Manley said in a statement.

Milan-listed shares in FCA trimmed earlier losses after the results were released. By 1110 GMT they were down 3%.

FCA, which earlier this year withdrew its guidance for its full-year results, said it now forecast a 3-3.5 billion euro adjusted EBIT in 2020, but added that the new guidance was not assuming further significant disruptions from COVID-19. ($1 = 0.8461 euros)

(Reporting by Giulio Piovaccari; editing by Agnieszka Flak) ((giulio.piovaccari@thomsonreuters.com; +39 02 6612 9743; Reuters Messaging: giulio.piovaccari.thomsonreuters.com@reuters.net))

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