FCA: shares fall 9 per cent after new guidance

(CercleFinance.com) - Shares in Italian-American carmaker FCA were down 9.
2 per cent at 15.2 euros on Wednesday after cutting 2018 revenue and profit guidance.

FCA cut its guidance for 2018 net revenues to 115-118 billion euros from an earlier forecast of about 125 billion, and lowered its projection for adjusted EBIT to 7.5-8 billion euros from an earlier forecast of 8.7 billion.

In the second quarter, the group's adjusted EBIT fell by 11% to 1.65 billion euros, from 1.87 billion euros one year earlier, mainly due to negative foreign exchange translation effects.

Net revenues rose by 4% to 29 billion euros.

It should be noted that the media is reporting the death - following complications after surgery - of former CEO Sergio Marchionne, who had to step down from his role at the beginning of the week.

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