Oct 29, 2014 9:28 AM
Fiat Chrysler returns to Q3 profit
The Associated Press
MILAN (AP) Fiat Chrysler Automobiles returned to a profit in the third quarter thanks to a good performance by its luxury brands and gains in North America and Asia.
Fiat Chrysler Automobiles on Wednesday reported a net profit of 174 million euros ($221 million) for the three months ending Sept. 30. That compares with a loss of 15 million euros in the same period last year.
The carmaker completed a five-year merger process between Fiat, based in Turin, and Chrysler, based in Detroit, with a listing on the New York Stock Exchange earlier this month.
Revenues rose 14 percent to 23.5 billion euros. Luxury brand sales increased 35 percent, North America saw a 20 percent gain and Asia was up 30 percent. Latin American revenues dropped 12 percent in a weak market.