LONDON (dpa-AFX) - Fiat Chrysler Automobiles NV (FCAU) reported Wednesday a profit for the fourth quarter that plunged from last year, which included hefty gains from divestiture. However, quarterly net revenues grew 13 percent, and worldwide shipments increased 4 percent from last year. The company also provided earnings and revenue forecast for the full-year 2015.
The company reported net profit of 420 million euros or 0.329 euros per basic share for the fourth quarter, sharply lower than 1.30 billion euros or 0.707 euros per basic share in the prior-year quarter.
Excluding items, adjusted net profit for the quarter was 446 million euros or 0.350 euros per basic share, compared to 252 million euros or 0.026 euros per basic share in the year-ago quarter.
Net profit before taxes for the quarter was 529 million euros, compared to loss of 74 million euros a year ago.
EBIT for the quarter was 1.07 billion euros, sharply higher than 460 million euros in the prior-year quarter. Adjusted EBIT was 1.08 billion euros, compared to 943 million euros last year.
Net revenues for the quarter increased 13 percent 27.08 billion euros from 23.94 billion euros in the same quarter last year.
Worldwide shipments for the quarter totaled 1.22 million units, up 4.3 percent from 1.17 units last year.
NAFTA revenues grew 15.3 percent to 15.33 billion euros, and EMEA revenues increased 13.2 percent to 4.99 billion euros, and LATAM revenues improved 4 percent to 2.31 billion euros from last year. APAC revenues also increased 23.9 percent to 1.66 billion euros from a year ago.
Components revenues, including Magneti Marelli, Teksid, and Comau, rose 10.7 percent to 2.38 billion euros from last year. Ferrari revenues grew 20.4 percent to 721 million euros, while Marerati revenues declined 6.6 percent to 728 million euros from a year ago.
Net Industrial Debt at the end of the quarter stood at 7.65 billion euros, compared to 11.37 billion euros at the end of the year-ago quarter.
The company said it board of directors has declined to recommend a dividend payment on FCA common shares in order to further fund capital requirements of the Group's 48 billion euro five-year business plan presented in early May 2014. The company is targeting 7 million in vehicle sales in 2018.
Looking ahead to 2015, the company expects earnings in a range of 0.64 to 0.77 euros per share, on projected revenue of about 108 billion euros. EBIT is projected between 4.1 billion and to 4.5 billion euros, worldwide shipments in the 4.8 to 5.0 million unit range, and net industrial debt in the 7.5 billion to 8.0 billion euro range.
In Wednesday's regular trading session, FCAU is currently trading at $13.24, up $0.04 or 0.30% on a volume of 3.91 million shares. In the past 52-week period, the stock has been trading in a range of $8.54 to $13.76.
Copyright RTT News/dpa-AFX