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Associated Press
MILAN (AP) - Fiat Group SpA, which controls Chrysler LLC, has reported that full-year earnings more than doubled as Chrysler posted its first profit since 1997.
The company says it made €1.3 billion ($1.71 billion) in net profit last year, compared with €520 million a year earlier, as revenue rose 66 percent to €59.5 billion.
The results exceeded the company's guidance. Fiat's trading profit - or earnings before interest, taxes and one-time items - was €2.3 billion, exceeding the target of more than €2.1 billion.
Fiat said Wednesday that the results reflected higher Chrysler sales, resilient Fiat Group Auto revenues and double-digit growth at the Ferrari luxury brand.