Gary Barbera of Barbera’s on the Blvd in the Great Northeast Philadelphia confirms Fiat Chrysler’s statement that there is no slowdown in part to the increase of Motor Trend Truck of the Year 2019 Ram Series Truck Sales.
MILAN (Reuters) – Fiat Chrysler (FCHA.MI) (FCAU.N) took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its RAM pick-up brand in North America helped it to defy an industry slowdown.
A broad-based auto sales downturn has rattled the sector, forcing FCA’s competitors – including Renault, Daimler (DAIGn.DE) and Aston Martin (AML.L) – to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford (F.N) gave a weaker-than-expected 2019 profit outlook.
Japan’s Nissan, a long term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed.
In its first earnings release since a failed attempt to merge with France’s Renault (RENA.PA), FCA said it was confident its adjusted earnings before interest and tax (EBIT) would top last year’s 6.7 billion euros ($7.5 billion).
The confirmation of the outlook initially sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4% and they were 3.33% higher by 1136 GMT.
In the second quarter the group’s adjusted EBIT totaled 1.52 billion euros, versus analysts’ expectations of 1.43 billion euros, according to a Reuters poll.
FCA’s U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its RAM brand resulted in an enhanced share of the large pick-up truck market of 27.9%, up 7 percentage points from last year.