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.