MILAN (Bloomberg) -- Fiat Group reported better-than-expected second-quarter profit, boosted by spending cuts in Europe and strong Chrysler sales in the United States.
Fiat's trading profit, or earnings before interest, taxes and one-time items, increased 9 percent to 1.03 billion euros ($1.37 billion) from 947 million euros a year earlier, Fiat said today in a statement. The result beat the 931 million-euro average of four analyst estimates compiled by Bloomberg.
Net profit was 435 million euros, compared with 239 million euros in the same quarter last year, Fiat said. Revenue rose 4 percent to 22.3 billion euros.
Fiat's loss in Europe narrowed to 98 million euros from 138 million euros a year earlier.
Fiat is relying on Chrysler and its 39 consecutive monthly U.S. sales gains to sustain profit amid its European losses. Without Chrysler, Fiat would have posted a loss of 247 million euros in the second quarter.