Posted: Jan 30, 2013 7:15 AM
Updated: Jan 30, 2013 7:21 AM
MILAN (AP) Fiat SpA, the Italian automaker that controls Chrysler LLC, saw fourth quarter earnings more than double thanks to strong North American sales that more than compensated for a weak performance in Europe.
The Turin-based carmaker posted net profit of 102 million ($138 million), up from 43 billion in the same period last year. Revenues were 21.8 billion.
For the full year, net profit attributable to the parent company shrank to 348 million from 1.3 billion in 2011. Fiat owns 58.5 percent of Chrysler, which earned $1.7 billion last year.
Fiat also said Wednesday it would not pay a dividend in order to maintain liquidity for investments.
The carmaker said it expects to earn 1.2 billion to 1.5 billion this year on revenues between 88 billion and 92 billion.