DETROIT _ Fiat Chrysler Automobiles said Thursday it earned a profit of $1.2 billion (1 billion euro) during the first quarter, a nearly 60 percent gain over the same period a year ago, driven in part by a jump in worldwide Jeep shipments, improved performance in South America and a lower U.S. corporate tax rate.
The earnings were a first-quarter record for the company since it was formed from the merger of Fiat and Chrysler. The company has its U.S. headquarters in Auburn Hills, Mich.
Fiat Chrysler's global revenue notched down 2 percent to $32.9 billion (27 euro) during the quarter, compared with $33.7 billion a year ago under current exchange rates.
The automaker's profits for the quarter work out to 80 cents (66 cents euro) per share, which was about what analysts expected.
FCA's bottom line has been benefiting from sales of more profitable trucks and SUVs after phasing out lower-margin passenger cars such as the Dodge Dart and Chrysler 200, which have been appealing less to consumers.
Worldwide Jeep shipments rose 37 percent, mainly due to the all-new Jeep Wrangler and Compass.
The company's pretax profits in North America, its largest market, were down slightly to $1.5 billion (1.2 billion euro) under current exchange rates, a 2 percent decline.
The company said its tax expenses were down nearly $200 million (164 million euro) due to the U.S. tax
In South America, FCA saw a profit of $90.1 million (74 million euro) for the quarter, an improvement from last year's first quarter loss of 24.3 million (20 million euro).
