MILAN (AP) — Carmaker Fiat Chrysler Automobiles says its first-quarter earnings soared on the back of a strong performance in North America.
The Italian-American carmaker said Tuesday that it made a net profit of 478 million euros ($539 million) in the first quarter, up from 27 million in the same period last year, a figure that had been adjusted to exclude the recently spun off Ferrari division.
The carmaker, formed from the 2014 merger of Fiat and Chrysler, confirmed its 2016 targets, including net profit of 1.9 billion euros on net revenues of 110 billion euros.
Fiat Chrysler said its North America adjusted earnings before interest and taxes doubled to 1.2 billion euros on higher revenues, lower advertising spending and lower recall campaign costs. Europe earnings nearly quadrupled to 96 million euros.