Fiat Trucks Fail to Meet Expected Profit Targets in the Fourth Quarter
According to reports, Jones Newswires reported on February 1 that Fiat Industrial SpA, an Italian truck and car manufacturer, announced on Wednesday (February 1) that net profit in the fourth quarter of 2011 fell by 13% to 144 million euros, which did not reach the market Expected, but its truck, tractor and joint venture quarterly revenue rose to 6.8 billion euros.
In 2011, Fiat Industries’ net profit totaled 701 million euros, which also failed to meet market expectations. According to a survey conducted by Dow Jones Newswires, analysts had previously expected an average profit of 194 million euros in the third quarter, with a quarterly revenue of 6.43 billion euros. For 2011, analysts expect their net profit to be 717 million euros and revenue of 24 billion euros.
Fiat Industries stated that its board of directors has proposed to pay 240 million euros in dividends based on annual results. Fiat Industries also set a higher target for 2012, expecting to achieve revenues of 25 billion euros, operating profits of up to 2.1 billion euros and net profits of 900 million euros. Fiat Industries also expects net industry debt to be flat at 1.2 billion euros.
About Fiat:
Fiat was founded in 1899 and its companies include: Fiat Group Motors (Passenger Vehicles), Maserati and Ferrari (Luxury Roadsters and F1), Case New Holland (Agricultural Machinery and Engineering Equipment), Iveco (Commercial Vehicles) ), Fiat Power Technologies (engines and transmissions).
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