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Fiat Chrysler said Friday that it lost $1.24 billion (1.050 million euros) in the current quarter, because the coronavirus wiped out its plants worldwide.
The company controlled it to exceed Wall Street’s profit expectations, but lost its revenue, which fell 56 percent from the previous year. This is how Fiat Chrysler behaved in accordance with what was expected by Wall Street, based on average analyst estimates compiled through Refinitive.
On a tight-clicking, Fiat Chrysler reported a loss of approximately $1.1 billion (928 million euros) in this quarter. The automaker reported a profit of $46.2 million (39 million euros) for its North American operations. Everyone else in red.
The actions of the Italian-American manufacturer remained unchanged in Friday’s pre-marketing negotiations. The inventory closed Thursday at $10.50, 3.9% less.
Fiat Chrysler burned $5.8 billion ($4.9 billion) in the quarter, a figure that is largely followed on Wall Street.
The company’s vehicle sales from April to June fell 63% to 424,000 sets due to production closures related to the pandemic and call for disruptions.
“While the company remains vigilant about the fitness and protection of its employees, our plants are operational, distributors sell in showrooms and online, and we have the flexibility and monetary robustness to advance our projects,” said Mike Manley, CEO of Fiat Chrysler. said in a statement.
The corporate has also taken several steps to consolidate its balance sheet in recent months. He said he had $20.75 billion ($17.5 billion) in money in his auto department at the end of the quarter. The Italian government also guaranteed $7.5 billion (6.3 billion euros) in loans to the automaker at the end of June, of which $5.3 billion (4.5 billion euros) remain untapped, the company said.
Fiat Chrysler has reconfirmed its expectations of completing a 50/50 merger with French automaker PSA Group in the first quarter of next year, a theme for approvals from the Board of Directors and Regulatory Authorities. The call for the merged corporate will be Stellantis.
Fiat Chrysler’s profits run through the city with rivals General Motors and Ford Motor, either of which exceeded Wall Street’s expectations this quarter.
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