© Reuters. FIAT CHRYSLER SURPRISES PLEASANTLY WITH THE REDUCTION OF ITS DEBT
MILAN (Reuters) – Fiat Chrysler Automobiles (NYSE:FCAU) (FCA) has published on Thursday quarterly results slightly below expectations but its debt level has fallen more than expected, suggesting a financial position positive at the end of the year.
The group italo-american, the seventh automaker in the world, reported a debt reduced to € 1.3 billion at the end of march, half the level expected by analysts polled by Reuters.
The operating income grew 5% in the first quarter, to 1.61 billion euros, slightly below the consensus, which gave it to 1.74 billion euros.
The action the FCA has initially dropped nearly 4% on the Milan stock Exchange after the publication of the results, but it has since recovered to show a gain of 3% 19,72 € to 11: 00 GMT.
FCA has also announced that its board of directors had authorized a draft of the spin-off of Magneti Marelli. Reuters had reported on 5 April that the group wanted to launch the spin-off of its subsidiary equipment through a listing in Milan, without a capital increase.
(Agnieszka Flak, Véronique Tison for the French service)