FCA: swings to 1.7 billion euro loss on Covid-19

(CercleFinance.com) - FCA reported a 1.
7 billion euro net loss for its first quarter, on costs stemming from the temporary suspension of production in all its regions, coupled with a collapse in demand.

Despite the significant impact of Covid-19, the carmaker said it managed to deliver a positive adjusted earnings before interest and tax (EBIT), which came in at 100 million euros in the past quarter.

Revenue fell 16% to 20.6 billion euros.

Its adjusted operating profit margin in North America fell to 3.8% in the first quarter, from 6.5% in the first quarter of 2019, although the group still posted positive EBIT of 548 million dollars for the region.

EBIT for Europe and Asia was negative, however, at 270 million and 59 million euros respectively over the quarter.

The Italo-American company - which remains committed to its 50/50 merger with France's PSA - said it shipped 818,000 vehicles in the first quarter, down 21% year-on-year.

Even so, the Milan-listed FCA share was up 1.6% after these results.

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