Fiat Chrysler Automobiles Q4 net revenues up 1 percent
Staff Writer |
Fiat Chrysler Automobiles reported a profit for the fourth-quarter that more than doubled from the prior year. Quarterly net revenues rose 1 percent.
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Separately, FCA US LLC announced that it will make average profit sharing payments of $5,000 to eligible UAW-represented employees.
Looking ahead for 2017, Fiat Chrysler Automobiles expects adjusted net profit to be more than 3.0 billion euros, adjusted EBIT of more than 7.0 billion euros, and net revenues of 115 billion euros - 120 billion euros.
Meanwhile, FCA US said it will spend much of 2017 completing the first phase of its industrialization plan, which includes retooling three assembly plants in Michigan, Illinois and Ohio.
A total of $2.5 billion will be invested in these facilities to expand the Jeep and Ram brands and will bring 1,700 new jobs to these communities. These actions are planned to be completed by early 2018.
Fiat Chrysler Automobiles' net profit for the fourth-quarter significantly rose to 409 million euros or 0.268 euros per share from 196 million euros or 0.129 euros per share in the same quarter last year.
But, FCA's adjusted net profit for the quarter dropped to 539 million euros or 0.353 euros per share from 1.041 billion euros or 0.686 euros per share in the prior year.
Adjusted EBIT was 1.55 billion euros up 1% from 1.53 billion euros last year.
Worldwide combined shipments was 1.23 million units, down 2 percent from 1.257 million units in the prior year.
Quarterly net revenues grew 1 percent to 29.72 billion euros from 29.41 billion euros in the prior year.
As a result of the company's strong 2016 financial performance, FCA US LLC announced that it will make average profit sharing payments of $5,000 to eligible UAW-represented employees. Approximately 40,000 employees will receive the payment on Feb. 17, 2017.
With this payment, FCA US employees have received more than $18,000 in profit sharing since 2009. ■
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