Fiat Industrial First-Quarter Net Profit Soars On Combines, Tractors

Date : 04/25/2012 @ 11:42AM
Source : Dow Jones News
Stock : Cnh Global N.V. (CNH)
Quote : 49.96  0.0 (0.00%) @ 2:05AM

Fiat Industrial First-Quarter Net Profit Soars On Combines, Tractors

Fiat Industrial (BIT:FI)
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Fiat Industrial SpA (FI.MI) Wednesday confirmed its financial targets for the year as it reported a large rise in net profit for the first quarter, boosted by the strength of its U.S. tractor and combine business, CNH Global NV (CNH).

Fiat Industrial said net profit in the three months to March 31 was EUR207 million, a rise of more than 70% on the year from EUR114 million, and more than the EUR140 million that had been expected by analysts, according to an average of their estimates compiled by the company.

Net profit attributable to the parent was EUR182 million against EUR107 million the prior year.

Among the targets maintained by Fiat Industrial is a net profit of about EUR900 million.

Trading profit, or operating profit without extraordinary items, was EUR435 million, surpassing the EUR277 million from last year and the EUR340 million expected by analysts.

Fiat Industrial's stock, which had already received a boost from CNH's results published earlier Wednesday, was up 5.60% at EUR8.20 in Milan at 1504 GMT.

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908;; @GRCastonguay

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