Trading profit, or earnings before interest, taxes and one- time items, declined to 618 million euros ($809 million) from 806 million euros a year earlier, the Turin, Italy-based company said today. That missed the 691 million-euro average of six analyst estimates compiled by Bloomberg.
Sergio Marchionne, chief executive officer for both automakers, said today he’s leaning toward a primary listing in New York once the Italian carmaker buys the 41.5 percent Chrysler stake it doesn’t own. “It’s the most efficient capital market I can get my hands on,” Marchionne said on Chrysler’s earnings call when asked about the likelihood of a main listing in New York and a secondary listing in Milan after the combination.
Fiat stuck to a target to increase full-year profit to between 4 billion euros and 4.5 billion euros from 3.81 billion euros in 2012, even after the European auto market plunged 9.7 percent in the first quarter. The automaker expects deliveries in the region to decline 3 percent to 5 percent in 2013.
Read more: Fiat First-Quarter Profit Falls on Chrysler Earnings Drop - Bloomberg
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