Fiat Chrysler Automobiles (FCAU) Tops Q1 EPS Views; Shipments Flat vs. Prior Year

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Fiat Chrysler profit tops expectations, but debt rises

April 26, 2016 7:23 AM EDT

By Agnieszka Flak

MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) beat first-quarter profit forecasts on Tuesday, helped by a strong performance in North America, but higher debt pushed its shares lower.

FCA, which spun off luxury unit Ferrari at the start of this year, said its net industrial debt rose to 6.6 billion euros ($7.4 billion) at the end of March from 5.1 billion euros three months earlier, boosted by seasonal and currency effects.

Chief Executive Sergio Marchionne has vowed to wipe out debt by 2018 but investors are worried about product delays and headwinds in Brazil, once a key... More