Fiat Beats and Confirms '08 Profit Goal
RACINE, WI - October 23, 2008: James Kelleher writing for Reuters reported that the Italian industrial group Fiat said on Wednesday that it would meet the low end of its 2008 goal for group trading profit.
Fiat confirmed its group trading profit -- a measure of operating profit that strips out extraordinary items like restructuring costs -- would come in at the low end of the $3.4 billion to $3.6 billion range it had previously provided.
Fiat said its trading profit rose nearly 8 percent to 802 million euros during the third quarter, beating market expectations.
It said group revenues rose 3.2 percent to 14.3 billion euros, lifted by a strong performance at CNH Global NV, the company's farm machinery unit.
Trading profit at Fiat's core car business also beat expectations, rising 3 percent to reach 190 million euros, according to a statement.
Fiat's core car business includes the Fiat, Lancia and Alfa Romeo brands but excludes Ferrari and Maserati.
Fiat published its results from Racine, Wisconsin rather than its home town of Turin, Italy because its board met to review the results in the U.S. city.
Editing for Reuters by Bernard Orr