FCA: profit down, but record quarter

FCA closed 2019 with a net profit of 2.7 billion euros, down 19% and an adjusted net profit of 4.3 billion euros (-9%). Net revenues amount to € 108.2 billion and are down 2%. The group confirms the 2020 targets. "2019 has been a historic year for FCA. We have continued to create value for our shareholders and undertaken initiatives aimed at future growth by substantially strengthening our financial position, committing ourselves to invest in key products. and finalizing a Combination Agreement with Psa, "comments CEO Mike Manley.
In the fourth quarter the group recorded record results: net profit at 1.6 billion euros, up 35% on the same period of the previous year, adjusted net profit at 1.5 billion euros (+ 3%) and net revenues of 29.6 billion (+ 1%). The merger with PSA "is expected to close in late 2020 or early 2021 and will generate synergies which, when fully operational, are estimated at around 3.7 billion euros on an annual basis".