Fiat Chrysler shares pop 3% after third-quarter earnings report – CNBC

Posted: Tuesday, October 24, 2017

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Chrysler Jefferson North Assembly Plant in Detroit, Michigan

Fiat Chrysler reported a better-than-expected increase in net profit when the company reported its third-quarter earnings before the bell Friday.

Shares of the Italian-American carmaker rose more than 3 percent in midday trading after the report.

The seventh-largest automaker said net profit rose $1.1 billion, besting the $950.8 million analysts polled by Thomson Reuters expected, and up from $713 million during the same time last year.

Revenue slipped from the previous year to $31.1 billion, from $31.6 billion.

A representative for China’s Great Wall Motor said on Aug. 21 the company was “interested in Fiat Chrysler” as an acquisition, confirming reports that the company was seeking to buy all or part of the automaker. Fiat Chrysler responded saying it had not been approached by the Chinese group. The Italian-American automaker added that it is fully committed to executing its 2014-2018 business plan.

The company is also considering spinning off its Maserati and Alfa Romeo lines as it seeks to streamline its business. Fiat Chrysler said the two luxury brands have an estimated combined worth of as much as $8.3 billion.

— Reuters contributed to this report.

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