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FCA
said it had available liquidity of 27.1 billion euros ($32
billion) as of September and said that it is on track to launch
three new models in its profitable Jeep lineup in 2021.
The Italian-American company and Peugeot manufacturer PSA Group
<PEUP.PA> aim to merge by the end of the first quarter of 2021
and EU approval for that tie-up could come by the end of this
year.
PSA on Wednesday reported a return to revenue growth in the
third quarter for its autos division.
But a resurgence in the COVID-19 pandemic is clouding prospects
for the coming months.
France is bracing for a possible renewed month-long lockdown and
protests flared across Italy this week against a new round of
government restrictions.
FCA on Wednesday posted adjusted earnings before interest and
tax (EBIT) of 2.28 billion euros ($2.7 billion) for the
July-September quarter, topping the 1.152 billion forecast by
analysts polled by Reuters.
"Our record results were driven by our team's tremendous
performance in North America," CEO Mike Manley said in a
statement.
Operating profit rose 26% to a record 2.544 billion euros in
North America, with a 13.8% margin versus 10.6% a year earlier.
Adjusted EBIT was slightly positive in Latin America, while the
carmaker posted an operating loss in the EMEA and APAC regions
and in its Maserati unit.
Milan-listed shares in FCA trimmed losses after the results were
released. By 1130 GMT they were down 2.2%, versus a 2.9% fall
for Italy's blue chip index <.FTMIB>.
FCA, which earlier this year withdrew its guidance for the year,
forecast a 3-3.5 billion euro adjusted EBIT for 2020, but added
that its new guidance assumed no further significant disruptions
from COVID-19.
(Reporting by Giulio Piovaccari; editing by Jason Neely and
Keith Weir)
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