Fiat Chrysler Automobiles's fourth-quarter adjusted operating profit rose 16 percent to a record 2.12 billion euros ($2.3 billion). Revenue was up 1 percent to $32.7 billion.
For all of 2019, the automaker's adjusted operating profit declined 1 percent to $7.3 billion, FCA said on Thursday.
In North America, adjusted earnings before interest and taxes rose 23 percent in the fourth quarter to $2.3 billion, and its profit margin in the region reached a record 10 percent. North American revenue was up 6.4 percent to $22.7 billion in the quarter.
Full-year operating margin in North America hit a record 9.1 percent. FCA's North American operating profit of $7.3 billion, up 7.4 percent, also was a record.
FCA's EBIT in its Europe, Middle East and Africa region fell to 46 million euros in the fourth quarter from 61 million in the same quarter of 2018. The company posted a full-year 6 million-euro loss in the region compared with a 406 million profit in 2018.
FCA said this is the result of a favorable model mix, positive net price, industrial efficiencies, lower advertising costs and favorable foreign exchange effects, partially offset by lower volumes and increased product costs on new vehicles.
FCA said North American shipments were down 9 percent in 2019 because of dealer stock discipline, partially offset by volumes of all-new Jeep Gladiator and higher Ram 1500 shipments.
North American full-year net revenue was flat at $80 billion, "with favorable model mix and foreign exchange translation effects, offset by lower volumes and negative channel mix," FCA said.
"We continued to deliver value for our shareholders and we took actions to thrive in the future by substantially strengthening our financial position, committing to key product investments and entering into a combination agreement with PSA," FCA CEO Mike Manley said in a statement.
FCA reiterated its plan to boost adjusted EBIT to above 7 billion euros this year.
In slides prepared for an analyst call, FCA said it was monitoring the global impact of coronavirus in China.
FCA operates in the country through a loss-making joint venture with Guangzhou Automobile Group (GAC) and has a 0.35 percent share of the Chinese passenger car market.
FCA and Peugeot maker PSA agreed in December to combine forces in a $50 billion deal to create the world's No. 4 carmaker, in response to slower global demand and the mounting cost of making cleaner cars amid tighter emissions rules.
Manley said last month that talks with PSA were progressing well and that he hoped to complete the deal by early 2021.
Reuters contributed to this report
