Numbers add up for FCA
- July 29, 2016
- Posted by: Simon Wait
- Category: Industry News
Fiat Chrysler Automobiles (FCA) has reported substantial growth in the second quarter of 2016, with earnings before interest and tax (EBIT) up 16% to €1.6bn.
Margins improved significantly in EMEA (Europe, Middle East and Africa), while FCA’s market share in the US increased to 12.7%. It also remained market leader in Brazil with 17.8% market share.
Net industrial debt was reduced by €1.1bn from March 2016 due to strong cash generation from operations, while global Jeep sales were up 16% with increases in all regions.
Following these results, Moody’s Investors Service has raised FCA’s corporate credit rating to Ba3 from B1 and rating on bonds issued or guaranteed by FCA from B2 to B1, citing a ‘stable’ outlook.