Fiat lowers 2013 profit forecast despite third quarter boost

Italian auto group Fiat said today its net profit rose by 11 per cent to USD 260 million (189 million euros) in the third quarter, but still lowered its 2013 earnings target.
Fiat was once again boosted by its US unit Chrysler, which earlier reported a third-quarter net profit of USD 464 million today, marking a 22 per cent rise from the equivalent figure last year.
Stripping out Chrysler, Fiat suffered a loss of 247 million euros, a drop of 37 million euros in the same quarter last year.
Fiat said that it now expected a group net profit of between 900 million and 1.2 billion euros for this year, down from the range of 1.2-1.5 billion euros it had signalled earlier.

Chrysler, in which Fiat owns a 58.5 per cent majority stake, meanwhile is aiming for a net annual profit of 2.3-3 billion euros.
Fiat said group shipments of vehicles was stable in the third quarter while revenue increased by just 1.4 per cent in nominal terms to 20.7 billion euros due to negative currency effects.
It now expects 88 billion euros of revenue for the year, down from the 88-92 billion it had earlier forecast.
Fiat's shares plunged by 5.8 per cent to 5.5 euros after the announcement.