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Fiat makes Q3 profit of $267 mn, raises outlook

Fiat makes Q3 profit of $267 mn, raises outlook
AP
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First Published: Thu, Oct 21 2010. 02 40 PM IST
Updated: Thu, Oct 21 2010. 02 40 PM IST
Milan: The Italian automaker Fiat Group SpA says net profits rose to €190 million ($267 million) from €25 million a year earlier due to higher sales of trucks and tractors.
As a result of the strong results, Fiat raised its 2010 targets, saying revenues would top €55 billion—€5 billion more than previously stated. It also said trading profit would be at least €2 billion, nearly double previous guidance.
Fiat shares rose 3.1% to €12.08 in Milan trading.
Fiat said Thursday that revenues were up 12% to €13.5 billion in the period. Revenues at its CNH farm machinery business rose 32% to €3 billion while revenues at the trucks unit Iveco were up 15% to €2 billion.
Fiat Auto revenues were flat at €6.6 billion.
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First Published: Thu, Oct 21 2010. 02 40 PM IST
More Topics: Italy | Earns | Fiat | Auto | Profit |