Fiat’s 2009 results will beat the average figures from analysts
By Andrew C., 26 Aug, 2010. 0 Comments
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CEO Sergio Marchionne, at an awards presentation, said that Fiat S.p.A.'s 2009 results will beat the average of consensus figures from analysts. Marchionne said that the Italian government is not offering tax breaks on car sales in 2010 but that the company will be able to take that blow and will be even better. The fourth quarter and annual results for Fiat, which owns a 20% stake in Chrysler Group, is due on Jan. 25 but visibility for 2010 and 2011 remains limited ahead of a new industrial plan.
Fiat's consensus forecast is for group trading profit of 460 million euros for the fourth quarter and just over Fiat's target of 1 billion euros for the year. In Fiat's poll, analysts were set to arrive at the consensus on Jan. 7. However, some brokers had suggested that Fiat could beat the consensus based on Italian, Brazilian and European car sales data released since Jan. 4.
An analyst said that sales were higher than the consensus forecast, hence, a net industrial debt under 5 billion euros ($7.10 billion) is expected, because working capital grew less. Two other analysts from leading Italian institutions agreed. The data from the consensus compiled by Fiat indicated that the auto trading profit should be 200 million euros and group net industrial debt must stand at 5.015 billion euros.
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