The Fiat 500 is one of the most awarded cars on the road today. Here is a look at some of the accolades the 500 has won.
The Fiat 500X has an advanced All-Wheel-Drive system. See how it outperforms the competition.
A look at how the new Fiat 124 Spider stacks up against the original
Within its compact dimensions, the Fiat 500L has the room of a full-sized car. See how Fiat did it and the concept and goals of the design team
FIAT 500, FIAT 500L, Fiat 500X AND FIAT 500 ABARTH SPECS
Thursday, October 21, 2010
Fiat Third Quarter Results for 2010: revenues up, profit nearly doubles
Even with todays economic times, Fiat has posted some pretty strong Third Quarter results. Here are highlights published today:
Fiat Group closes third quarter with revenues at $18.9 billion (€13.5 billion), up 11.9% over Q3 2009, and trading profit nearly doubled to $821 million (€586 million), with all businesses contributing positively.
Net profit of $266 million (€190 million), net industrial debt slightly below $5.6 billion
(€4 billion) and liquidity strong at $18 billion (€12.9 billion).
The Group upgrades guidance for the year to a minimum of $2.8 billion (€2 billion) in trading profit and net industrial debt below the $5.6 billion (€4 billion) mark.
• Revenues of €13.5 billion were up 11.9% over Q3 2009, with the most significant improvement coming from our Agricultural and Construction Equipment business.
• Trading profit rose to €586 million (Q3 2009: €308 million), on the back of volume recoveries for CNH, Iveco and Components and resilience for Automobiles, with Group trading margin improving to 4.3% (Q3 2009: 2.6%).
• Net profit reached €190 million from €25 million in Q3 2009.
• Net industrial debt remained substantially stable at €4.0 billion (€3.7 billion at the end of Q2 2010), with seasonal cash absorption largely offset by positive operating performance.
• Liquidity remained strong at €12.9 billion (€13.5 billion at end June 2010) after prepayment of USD 0.5 billion CNH bond.
• Demerger activities remain on track with an effective date of 1 January 2011.
• Guidance lifted with revenues in excess of €55 billion, a minimum €2 billion in trading profit and net industrial debt below €4 billion.
Group revenues for the third quarter totaled €13.5 billion, an 11.9% increase (+5.2% at constant exchange rates) over the same period in 2009, when overall trading conditions were weak. The increase was driven by particularly positive performance for CNH, Iveco and the Components and Production Systems business. The Automobiles business achieved a slight increase despite the fall in passenger car volumes for Fiat Group Automobiles, reflecting the phase-out of eco-incentives in the major European markets, which was compensated for by increased volumes for light commercial vehicles, Maserati and
Ferrari, in addition to positive currency effects.
The Group reported trading profit of €586 million for the quarter (trading margin: 4.3%), compared with €308 million (trading margin: 2.6%) for the same period in 2009. The improvement in trading performance was driven by higher volumes and continued focus
on costs and industrial efficiencies.
The third quarter closed with an operating profit of €586 million (€267 million for the third quarter of 2009). The €319 million increase reflects the significant improvement in trading profit (+€278 million) and a reduction in net unusual expense (zero for Q3 2010 compared with a €41 million charge for Q3 2009, consisting primarily of restructuring costs).
Net financial expense totaled €181 million for the quarter (€164 million for Q3 2009) and included a €58 million gain on the marking-to-market of two stock option-related equity swaps (€34 million gain for Q3 2009). Net of this item, financial expense increased €41 million over the prior year, reflecting the cost associated with maintaining high liquidity levels in excess of €12 billion.
Profit before taxes was €435 million (€128 million in Q3 2009), with the increase due to a significant improvement in operating result (+€319 million) slightly reduced by a €17 million increase in net financial expense.
Income taxes totaled €245 million (€103 million for the third quarter of 2009) and mainly related to taxable income of companies operating outside Italy and employment-related taxes in Italy (€28 million).
Net profit for the quarter was €190 million, up €165 million over the €25 million figure for the same period in 2009.
During the quarter, consolidated net industrial debt increased by €0.3 billion. Strong operating performance for the quarter largely offset the seasonal increase in working capital.
At September 30th, Group liquidity was €12.9 billion, down €0.6 billion over 30 June 2010, principally due to the early repayment of a USD 0.5 billion CNH bond (originally scheduled for 2014).
Fiat Group press release