DETROIT, MI – Fiat Chrysler Automobiles’ global net revenues grew 19 percent to 26.4 billion euros, or about $29.1 billion, in a strong first quarter.
The company’s earnings before interest and taxes rose 22 percent to €800 million, or about $882 million.
The results were driven by continued strength in North America, where light trucks have been selling well, and by progress in the Europe, Middle East and Africa region.
The company debuted its Jeep Renegade in North America during quarter, adding a key product to the burgeoning sub-compact SUV market.
FCA Group’s net profit was €92 million, or about $102 million, compared with a net loss of €173 million, or about $191 million, in the first quarter of 2014. The year-ago quarter included a one-time charge of €495 million, or about $546 million, related to the UAW Memorandum of Understanding the company entered into in January 2014.
Italian automaker Fiat SpA and Auburn Hills-based Chrysler Group LLC were merged in August 2014, paving the way for FCA Group CEO Sergio Marchionne to list it on the NYSE under the “FCAU” ticker.
Fiat first bought a 16-percent stake in Chrysler during the auto bailouts in 2008 and 2009. Chrysler became a wholly owned subsidiary of Fiat in January 2014 after a $4.35 billion deal with the United Auto Workers union trust fund, which owned 41.5 percent of the Auburn Hills automaker. MORE