Fiat Chrysler Published Mixed First-Quarter Earnings, Share Rise

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The shares of Fiat Chrysler seesawed last Friday after the firm published disappointing first-quarter earnings, however, it said that it is still on track to meet its profit target for the current year.

Last Friday, the shares of the Italian-American company in the United States plunged by as much as 2.8 percent before surging by 6 percent in intraday trading.

The automaker said that the slowing sales in both Europe and North America drove its profit south, however, it said that the sales of new pickup trucks in the United States such as the Jeep Gladiator and Ram models would help in lifting its profit target for the current year of more than 6.7 billion euros ($7.5 billion).

The sales of its popular line of Ram trucks rose by 22 percent year-over-year as the overall sales in the United States dropped by 3.1 percent during the first three months of the year.

Fiat Chrysler also published that its first-quarter net profit slumped by 47 percent from the same time period a year prior, plunging to 508 million euros ($568 million) from the 951 million euros ($1.06 billion) that was reported during the same quarter in 2018.

In addition, the earnings per share of the company was not able to meet the expectations of Wall Street analysts, coming in at 40 cents (0.36 euros) as compared with the estimates of analysts of 52 cents (0.47 euros).

The stock of Fiat Chrysler has risen by 10.17 percent so far this year. In the last 12 months, the stock has dropped by 29.17 percent.