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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Exor N.V.    EXO   NL0012059018

EXOR N.V.

(EXO)
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Fiat Chrysler limits COVID losses, sees much better second half

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07/31/2020 | 09:38am EDT
Ceremony to mark the installation of the first robot on the production line for the new electric Fiat 500 BEV at the Mirafiori industrial complex on the 80th birthday of the plant

A small profit in North America helped Fiat Chrysler Automobiles (FCA) to limit losses from the COVID-19 crisis in its second quarter, and the automaker forecast a "much, much better second half" ahead of its planned 2021 merger with France's PSA Group.

The Italian-American maker of Fiats, Alfa Romeos, Jeeps and Rams said on Friday it slashed advertising costs and saw net prices rise in its key North American market, where it focused on retail sales over lower-margin fleet business.

It also cut capital expenditure across the group, and expects to reduce the total for the full year by 1.5 billion euros ($1.8 billion) to 8-8.5 billion euros.

FCA posted an adjusted loss before interest and tax of 928 million euros for April-June, versus a forecast 1.87 billion euro loss in an analyst poll compiled by Reuters.

Earlier in the week, Ford Motor reported a second-quarter operating loss of $1.9 billion. General Motors had an operating loss of $1.2 billion.

In North America, FCA made adjusted earnings before interest and tax of 39 million euros.

CEO Mike Manley said production in North America was back to pre-pandemic levels, apart from plants in Warren, Michigan and Toluca, Mexico, which are being retooled for new products.

"We expect a much, much better second half," he told investors on a conference call.

Milan-listed FCA shares were up 1.5% at 1310 GMT, having been little changed before the results.

Manley said the group planned to launch a series of new Jeep models next year, including a new Wagoneer and Grand Wagoneer, and a redesigned Grand Cherokee.

Asked about electric pickup trucks coming from its competitors, Manley said FCA was "very committed" to electrifying its vehicles, adding: "Pickup trucks is a key franchise for us. We're not going to sit on the sidelines."

FCA, which is set to tie-up with Peugeot maker PSA to create Stellantis, the world's fourth largest carmaker, said an ongoing probe by European Commission competition authorities was not expected to delay the merger timetable.

Despite the pandemic, PSA earlier this week delivered a profit in the first half of the year.

FCA said its industrial free cash flow was minus 4.9 billion euros in the second quarter, with a slightly lower cash burn versus January-March.

It finished the quarter with liquidity of 17.5 billion euros. That does not include 4.5 billion euros still available on its loan facility. Ford had liquidity of $40 billion, and GM $31 billion.

By Giulio Piovaccari and Stephen Jewkes

Stocks mentioned in the article
ChangeLast1st jan.
EXOR N.V. -0.12% 49.9 Delayed Quote.-27.62%
FIAT CHRYSLER AUTOMOBILES N.V. -0.56% 9.236 Delayed Quote.-29.53%
FORD MOTOR COMPANY -0.43% 6.93 Delayed Quote.-25.48%
GENERAL MOTORS COMPANY 1.10% 26.62 Delayed Quote.-27.27%
PEUGEOT SA -1.60% 14.175 Real-time Quote.-32.35%
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Financials
Sales 2020 156 B 185 B 185 B
Net income 2020 442 M 522 M 522 M
Net cash 2020 122 M 144 M 144 M
P/E ratio 2020 26,5x
Yield 2020 0,86%
Capitalization 11 581 M 13 718 M 13 680 M
EV / Sales 2020 0,07x
EV / Sales 2021 -
Nbr of Employees 268 979
Free-Float 43,1%
Chart EXOR N.V.
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Exor N.V. Technical Analysis Chart | EXO | NL0012059018 | MarketScreener
Technical analysis trends EXOR N.V.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 67,07 €
Last Close Price 50,00 €
Spread / Highest target 66,0%
Spread / Average Target 34,1%
Spread / Lowest Target 19,8%
EPS Revisions
Managers
NameTitle
John Jacob Philip Elkann Chairman & Chief Executive Officer
Enrico Vellano Chief Financial Officer
Andrea Agnelli Non-Executive Director
António Mota De Sousa Horta-Osório Independent Non-Executive Director
Laurence Debroux Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
EXOR N.V.-27.62%13 718
FERRARI N.V.12.75%34 481
BYD COMPANY LIMITED104.89%32 536
SAIC MOTOR CORPORATION LIMITED-23.40%30 700
MARUTI SUZUKI INDIA LTD-11.03%26 434
FIAT CHRYSLER AUTOMOBILES N.V.-29.53%17 335