Fiat Chrysler profits up on record North America results

Fiat Chrysler Automobiles (FCA) sign at Chrysler World Headquarters and Technology Center, Auburn Hills, Michigan. (Image courtesy of Fiat Chrysler Automobiles)

Italian-American carmaker Fiat Chrysler is reporting a 14% increase in second-quarter profits on the back of record results in North America.

Fiat Chrysler said Wednesday that its net profit rose to 793 million euros ($884 million) during the quarter from 754 million a year earlier. The 2019 figure reflects the sale of car parts maker Magneti Marelli earlier this year.

North American operations accounted for 65% of global revenues of 26.7 billion euros, generated by sales of the new Jeep Gladiator and an expanded offering of pick-up trucks.

Still, regional shipments in the period were down 12% to 596,000 units due to dealer stock reductions. Worldwide shipments slipped 11% to 1.15 million.

Brazil helped Latin American profits rise 9%, but profits in Europe sank 88% and Asia narrowed losses.