US carmaker Chrysler lifts Fiat earns

Associated Press + More

MILAN (AP) — Italian carmaker Fiat says second-quarter net income more than quadrupled thanks to strong sales by U.S. subsidiary Chrysler.

Fiat on Tuesday posted a second-quarter net profit of 142 million euros ($188 million), up from a restated profit of 32 million euros in the same period last year. Without Chrysler, Fiat would have lost 247 million euros, as European sales dropped 5 percent.

Worldwide car shipments were up 5 percent in the quarter, to 1.2 million units. North American sales rose 4 percent, while Asia and Latin America posted double-digit growth.

First-half profits dropped 12 percent to 59 million euros.

Fiat confirmed its 2013 targets of a trading profit between 1.2 billion euros to 1.5 billion euros on revenues of at least 88 billion euros.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.