Fiat doubles profit thanks to Chrysler

Associated Press

ROME (AP) — Italian carmaker Fiat more than doubled its third quarter profits thanks to strong North American sales by its Chrysler unit and as good demand in Latin America and Asia more than compensated for a weak European market.

On the basis of the results, Fiat confirmed its 2012 guidance at the lower end of forecasts.

Fiat said third-quarter net profit for the quarter ended Sept. 30 was €286 million ($369 million), up from €112 million in the same period a year earlier. Revenues were up 16 percent to €20.4 billion.

Net profit attributable to the owner — not counting assets not wholly owned by Fiat — was €39 million, up from a loss of €46 million last year.

Fiat forecast 2012 revenues of about €83 billion.