Fiat Chrysler reports record earnings in third quarter

CHICAGO, Oct. 28 (Xinhua) -- Fiat Chrysler Automobiles NV (FCA) reported record pre-tax earnings of 2.671 billion U.S. dollars in the third quarter of this year, driven by consumer demand for Ram and Jeep vehicles in North America.

The overall net profit increased 773 percent to 1.414 billion dollars in the third quarter over the same quarter in 2019, while net revenues fell 6 percent to 30.298 billion dollars, according to the quarterly results the Italian/American automaker posted on its website on Wednesday.

Market analysts attributed the record results to the automaker's first full-quarter production unaffected by shutdowns related to COVID-19 pandemic this year, retail demand outpacing expectations, and limited inventory.

In the third quarter, FCA's adjusted diluted earnings per share went up 20 percent to 1.14 dollars.

Fiat Chrysler's industrial-free cash flow at the end of September was 36 times greater year on year at 7.910 billion dollars, and available liquidity totaled 31.8 billion dollars.

FCA's pre-tax earnings in North America increased 26 percent year on year to a record 2.9 billion dollars, despite that U.S. sales fell 10 percent compared to last year.

For other regions, the automaker's pre-tax earnings grew by 3 percent to 54 million dollars in Latin America. But it lost 147 million dollars in Europe; and 38 million dollars in Asia.