Fiat Chrysler first-quarter profit beats expectations but higher debt hits shares

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[April 26, 2016]  MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) on Tuesday reported a better-than-expected rise in first-quarter operating profit on strong North America performance and confirmed its full-year guidance, but higher debt disappointed, pushing shares lower.

The world's seventh-largest carmaker said adjusted operating profit for the January-March period rose to 1.38 billion euros ($1.56 billion) from 700 million the previous year and compared with an analyst consensus of 1.17 billion euros in a Thomson Reuters poll.

Sales rose 3 percent to 26.57 billion euros, below expectations.

FCA, which spun off luxury unit Ferrari at the start of this year, said net industrial debt rose to 6.6 billion euros at the end of March from 5.05 billion euros three months earlier, impacted by seasonality and currency effects.

(Reporting by Agnieszka Flak, editing by Isla Binnie)

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