Fiat Industrial 2Q Net Profit Rises; Targets Confirmed

By Gilles Castonguay

MILAN--Fiat Industrial SpA (FI.MI) Wednesday confirmed its 2013 guidance after posting a higher net profit for the second quarter as strong sales in farming machinery compensated for slower business in trucks and construction machinery.

Fiat Industrial comprises Iveco trucks and CNH Global NV (CNH) tractors and combines.

MAIN FACTS:

- Group net profit rose to 328 million euros ($328 million) for the quarter from EUR251 million for the same period last year. It beat the EUR290 million that 15 analysts had expected, according to a median of their estimates compiled by Fiat Industrial.

- Net profit attributable to owners of the parent reached EUR272 million against EUR215 million.

- Group trading profit edged higher to EUR633 million from EUR627 million. It was also higher than the EUR580 million expected by analysts. Trading profit is operating profit before extraordinary items such as restructuring costs.

- Group net revenue totalled EUR6.83 billion, up from EUR6.6 billion.

- Net industrial debt fell EUR263 million during the quarter to EUR2.3 billion.

- Available liquidity was EUR5.3 billion.

- Fiat Industrial's 2013 guidance includes a trading profit margin between 7.5% and 8.3% on a revenue rise of 3% to 4%.

- All prior-year figures have been restated for accounting reasons.

- Fiat Industrial shares are up 2.22% at EUR9.21 in Milan.

Write to Gilles Castonguay at [e-mail]; Twitter: @GRCastonguay

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