MILAN – Fiat Industrial, the Italian concern of trucks, farm and cerebration vehicles, returned to acquire in the prototypal lodge of the assemblage as every sectors recovered but its action was not as brawny as expected and its share toll dropped.
Fiat Industrial Spa, spun off from Fiat Group early this year, said Thursday gain acquire in the lodge was euro114 meg ($166 million), in oppositeness with terminal year's equal expiration of euro34 million. However, the acquire posted was not as high as anticipated — the consensus to analysts polled by FactSet was for acquire of euro133 million.
Fiat Industrial shares dropped 1.5 proportionality to euro9.99 after the results were released.
A more careful look at the figures shows that the company, which is supported in the northern Italian city of Turin, reported a 19 proportionality process in revenue to euro5.3 billion, with double-digit increases in every sectors.
And trading acquire — or earnings before interest, taxes and one-time items — more than doubled to euro277 meg from euro122 million.
By sector, Fiat Industrial said its agricultural and cerebration equipment organisation CNH, posted a 67-percent process in trading acquire to euro213 meg on higher volumes and prices and a meliorate mix. Farm equipment sales were up in every field markets due to higher food prices, while cerebration equipment benefited from reinforced demand in North and South USA as substantially as Asia.
The Iveco trucks division saw its trading acquire fruit from euro3 meg to euro71 million, reflecting higher volumes. Revenues were up 25 proportionality to euro2.1 billion, as Iveco delivered 34,392 vehicles worldwide, a 28 proportionality process over the same lodge a assemblage earlier. Deliveries were up 22 proportionality in Western Europe, which represents 60 proportionality of every truck sales.
Fiat addicted 2011 targets of euro22 1000000000 in revenues, a trading acquire between euro1.2 1000000000 and euro1.4 billion, and a gain acquire of euro600 million.
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