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Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Autoblog Minute: New car customer satisfaction down according to latest ACSI report

Customers have spoken and automobile satisfaction is down in 2015. Autoblog's Chris McGraw reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] Customers have spoken and automobile satisfaction is down in 2015. I'm Chris McGraw and this is your Autoblog Minute. The American Customer Satisfaction Index or ACSI released its updated numbers and according to the survey, new car buyer satisfaction is down for the third straight year. According to an ACSI press release, customer satisfaction with new automobiles has fallen 3.7 percent, to 79 on its 100-point scale. The ACSI report is based on over 4,100 customer surveys collected in the second quarter of 2015 Sitting at the top of the industry in customer satisfaction is Toyota's Lexus brand with a score of 84. Which was good enough to dethrone Mercedes-Benz, which fell 3% to a score of 83. Of the Big Three, Ford was the only domestic automaker to maintain overall customer satisfaction with its score of 81. General Motors slipped 3% to 79 and Fiat Chrysler had a 5% drop, registering a score of 75 out the possible 100. What's driving this trend of customer dissatisfaction? ASCI points to the rise in recalls and car prices. Where do you land on customer satisfaction spectrum? Sound off in the comments with your thoughts on the current state of car ownership and brand quality. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Chrysler Fiat Ford GM Lexus Mercedes-Benz Car Buying Ownership Autoblog Minute Videos Original Video

The mad genius of killing the Dodge Dart and Chrysler 200

Sergio Marchionne isn't crazy. At least not with respect to the recent announcement that Fiat Chrysler Automobiles will cease production of the Dodge Dart and Chrysler 200. Instead of crazy I'd call this CEO ruthlessly pragmatic, and perhaps short-sighted. The latest revisions to FCA's most recent five-year plan tell some truths about the company's finances. In other words, it can't afford to build mainstream sedans. With only 87,392 units sold in 2015, the Dart is an also-ran in the segment. The axe falls easily there - Chrysler hasn't had a compact-car hit since the second-generation Neon. The 200 isn't so cut and dried: Last year sales increased 52 percent, and the 177,889 total for 2015 is more than those for the Subaru Legacy and Kia Optima. But looking at the overall FCA picture the Chrysler 200 has to go, at least from a short-term perspective. The vehicles that make big money – Ram trucks; Jeep's Cherokee, Grand Cherokee, and Wrangler – can't be made fast enough. FCA can't afford to idle the 200's Sterling Heights, MI, assembly plant to cut back on inventory when other plants are running flat out. It seems crazy to throw away 265,000 sales, but FCA is leaving money on the table by not building more profitable vehicles. The Wirecutter's Senior Autos Editor (and former Autoblogger) John Neff agrees. "As bold as it looks from the outside, he's really making a safe bet that their money is better spent on designing better and building more crossovers and trucks. He's probably right about that." But according to Jessica Caldwell, Executive Director of Strategic Analytics at Edmunds, "FCA's strategy of eliminating the Dart and 200 might be short-sighted if gas prices were to rise and Americans, once again, flocked to small vehicles. FCA must have plans to expand the lineup of small SUVs and position them as small-car alternatives in terms of price and fuel efficiency for this strategy to make sense." FCA's latest announcement focuses mainly on the profitable brands and nameplates. There's hardly a mention of Chrysler, Dodge, or Fiat. And future planning is where the plot holes appear. This realignment cuts dead weight from the product portfolio, but FCA's latest announcement focuses mainly on the profitable brands and nameplates. There's hardly a mention of Chrysler, Dodge, or Fiat. So what's Sergio up to? David Sullivan of AutoPacific thinks Marchionne is still looking for another CEO to hug.