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Fiat returns to profit in Q1

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Posted: Tuesday, April 19, 2011 10:10 pm

(AP) — Italian automaker Fiat Spa says first-quarter profits were euro29 million ($41.5 million), compared with a loss a year earlier, on increased sales of luxury brands and strong performance in the components business.

Fiat, which controls Chrysler with a 30 percent stake, on Wednesday reported revenues rose 7 percent to euro9.2 billion. Luxury brand Ferrari and the Magnetti Marelli components business saw double-digit gains.

Fiat's Group Autos, which makes cars under the Fiat, Alfa Romeo and Lancia brands, saw a 2.6 percent increase in revenues to euro7 billion. The success of the Alfa Romeo Giulietta and light commercial vehicle sales like vans offset weaker sales for passenger cars.

It is Fiat's first quarterly earnings report since the spinoff of the industrial unit in January.

Shares rose 3.42 percent to euro6.48.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

MILAN (AP) — Italian automaker Fiat Spa says first-quarter profits were euro29 million ($41.5 million), compared with a loss a year earlier, on increased sales of luxury brands and strong performance in the components business.

Fiat, which controls Chrysler with a 30 percent stake, on Wednesday reported revenues rose 7 percent to euro9.2 billion. Luxury brand Ferrari and the Magnetti Marelli components business saw double-digit gains.

Fiat's Group Autos, which makes cars under the Fiat, Alfa Romeo and Lancia brands, saw a 2.6 percent increase in revenues to euro7 billion. The success of the Alfa Romeo Giulietta and light commercial vehicle sales like vans offset weaker sales for passenger cars.

It is Fiat's first quarterly earnings report since the spinoff of the industrial unit in January.

Shares rose 3.42 percent to euro6.48.

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