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FCA Posts $363 Million Profit in Second Quarter of 2015

Motor Trend logo Motor Trend 7/30/2015 Alex Nishimoto
2015 Chrysler 200S AWD© Provided by MotorTrend 2015 Chrysler 200S AWD

The past few days haven't been kind to FCA. Between the security flaw in the Jeep Cherokee exposed by hackers, the multi-million-dollar fines levied by NHTSA, and the recent allegations made by FCA Australia's former CEO, there hasn't been much to celebrate at Fiat Chrysler. Now, the automaker at least has some good news to announce: it turned a profit of roughly $363 million in the second quarter of 2015.

That number is up 69 percent from the same period last year, and FCA's earnings before taxes and interest (EBIT) was up 58 percent at 1.5 billion euros (roughly $1.64 billion). Worldwide vehicle deliveries numbered 1.2 million, which FCA says is in line with Q2 2014. The numbers reflect strong performance in North America, as well as in Europe, Africa, and the Middle East. Meanwhile, sales in Latin America and Asia were down. Total revenue was 29.2 billion euros (roughly $31.8 billion), up 25 percent.

One of the adjustments to FCA's income included the NHTSA consent order, which is listed at 81 million euros ($88.4 million). The change in exchange rate for Venezuelan currency represented nearly as big a hit at 80 million euros ($87.2 million). GM reported an even bigger loss resulting from the currency devaluation last week. Even without the massive fines from NHTSA, FCA's profits would've been a far cry from the $1.9 billion posted by Ford and $1.1 billion recorded by GM. However, due to strong performance, FCA recently adjusted its target for total annual revenue to more than $120.5 billion and EBIT for the full year to above $4.9 billion.

Source: FCA

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