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Fiat lowers 2013 earnings targets

October 30. 2013 11:37AM
Associated Press

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(AP) Italian carmaker Fiat, which controls Chrysler LLC, has lowered its 2013 earnings targets after reporting a third-quarter loss it blamed on Europe's weak market.

The mass-market carmaker on Wednesday said it had made a loss of 15 million euros (20 million euros), down from a restated 30 million-euro loss in the same period last year. Net profit including assets not wholly owned by Fiat rose 10 percent to euros 189 million, from 171 million euros in the same period last year.

Without Chrysler, Fiat would have lost 247 million euros.

Fiat lowered its 2013 profit forecasts to a range starting at 900 million euros, instead of 1.2 billion euros. Fiat shares were trading down 4.5 percent at 5.58 euros.

Associated Press

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