Home US Fiat Chrysler reports $1.2 billion loss in the second quarter

Fiat Chrysler reports $1.2 billion loss in the second quarter

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Fiat Chrysler Automobiles assembly workers produce protective masks, amid the spread of the coronavirus disease (COVID-19), at the Assembly Plant in Betim near Belo Horizonte, Brazil, May 20, 2020.

Washington Alves | Reuters

Fiat Chrysler lost $1.24 billion (1.05 billion euros) in the second quarter as the coronavirus caused rolling shutdowns at its plants across the globe.

The company managed to beat Wall Street’s earnings expectations but missed on revenue. Here’s how Fiat Chrysler performed versus what Wall Street expected, based on average analysts’ estimates compiled by Refinitive.

  • Adjusted EPS: A loss of 77 cents (65 euro cents) per share versus a loss of $1.36 (1.15 euros) per share expected.
  • Revenue: $13.88 billion (11.71 billion euros) versus $17.54 billion (14.78 billion euros) expected.

Shares of the Italian-American automaker were unchanged Friday during premarket trading. The stock closed Thursday at $10.50, down 3.9%.

Analysts and investors are watching to see how much cash Fiat Chrysler burned through in the quarter as well as any guidance for the remainder of the year and beyond regarding the strength of its balance sheet and U.S. production, which restarted in mid-May following a roughly two-month shutdown.

Fiat Chrysler’s earnings follow both of its crosstown rivals, General Motors and Ford Motor, beating Wall Street’s expectations in the second quarter.

This is breaking news. Please check back for updates.

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