DETROIT _ Fiat Chrysler Automobiles said Thursday it earned $1.35 billion (1.15 billion euro) in the second quarter, up a whopping 207 percent over the same period a year ago as gains in several global regions helped the company overcome slower sales in North America.
The company said its record second-quarter profits were driven by improvements in its Maserati brand and in South America and Europe.
Higher revenues in the automaker's global regions helped offset a slower pace in North America caused by product launches and production changes at some plants. In North America, the company has stopped producing cars such as the Dodge Dart and Chrysler 200 and is in the process of ramping up its rollout of the Jeep Compass to replace the old Compass and Patriot.
And Jeep sales in the U.S., typically an engine growth, have declined over the first half of the year.
During the second quarter, the automaker's pre-tax profits fell slightly to $1.58 billion (1.35 billion euro) in North America, down from $1.61 billion (1.37 billion euro). The automaker shipped 576,000 cars and trucks in North America during the second quarter, down 14 percent from 666,000 for the same period a year ago.
But the automaker's pre-tax profits increased to $70.3 million (60 million euro) in South America, up from zero for the same period last year; rose to $51 million (44 million euro) in Asia, up from $49.2 million (42 million euro); and increased to $234 million (200 million euro) in Europe, up from $167 million (143 million euro).
The news follows record earnings during the first quarter when FCA said it earned a profit of $698.2 million (641 million euro). That was a 34 percent increase over the same period in 2016, boosted by profits in Europe and gains by the Maserati brand.
The company also reported net revenues of $32.7 billion (27.9 billion euro), a slight increase over the same period in 2016 when the company reported $32.671 billion (27.89 billion euro) in revenue.
Fiat Chrysler's earnings of 81 cents per share easily beat Wall Street expectations of 53 cents per share, according to 28 analysts surveyed by MarketWatch.
The company's stock closed Thursday at $11.83 per share, down 7 cents or .59 percent.
Fiat Chrysler's Detroit-area rivals also released their earnings for the quarter this week. Ford reported a $2 billion profit (a 4 percent increase) thanks to strength in North America, and General Motors reported a $1.7 billion profit (a 42 percent decrease) attributed to the sale of its European operations.
