Fiat Chrysler beats third-quarter earnings and announces special $2.27-billion dividend
- Fiat Chrysler beat earnings expectations for the third quarter.
- The carmaker will disperse $2.27 billion in special dividends to shareholders following the sale of its Magneti Marelli partsmaker.
- The automaker reaffirmed its full-year guidance, under the watch of new CEO Mike Manley.
According to Reuters, on Tuesday "Fiat Chrysler reported better-than-expected third-quarter earnings and promised to pay 2 billion euros ($2.27 billion) in extraordinary dividends using proceeds from the Magneti Marelli sale."
A week ago, FCA made a deal to sell its partsmaker to Japan's Calsonic Kansei for 6.2 billion euros, Reuters reported. FCA will begin to pay a regular quarterly dividend in 2019.
"The world's seventh-largest carmaker said on Tuesday adjusted earnings before interest and tax (EBIT) for the July-September period rose 13 percent to 1.995 billion euros, compared with 1.87 billion euros in a Reuters poll of analysts," the news service reported.
FCA maintained guidance for the remainder of 2019. The automaker is now overseen by former Jeep-head Mike Manley, who became CEO after the sudden death of Sergio Marchionne earlier this year.
Shares were flat in pre-market trading Tuesday, at $16.
