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Fiat Chrysler: record margins, guidance confirmed

( - Fiat Chrysler Automobiles (FCA) on Thursday reported a 59% jump in net profit, helped by lower financial charges and income tax expense.

The carmaker, which owns brands such as Jeep and Alfa Romeo, reported first-quarter net profit of 1.02 billion euros, up from 641 million euros for first-quarter 2017.

In a statement, FCA said that this has been a "record" first quarter, with the group's margin up 0.5 point at 6%, despite launch costs.

However, revenues dropped 2% to 27 billion euros, due to negative FX factors.

Fiat Chrysler shares, which are listed in Milan, extended their gains after the report and are currently up 2.7%.

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