Turin

Fiat Industrial overtakes growth target

Revenue 3-4% higher than forecast

Fiat Industrial overtakes growth target

Turin, July 31 - Fiat's non-automotive arm Fiat Industrial on Wednesday confirmed hitting its 2013 first-quarter target of revenue growth between 3% and 4% and saw an increase in net-trading profit between 7.5% and 8.3%. The trading profit for the quarter was 633 million euros, up from the 580 million euros forecast by the group. Net profit was 340 million euros, up from 290 million euros predicted. Total revenues were 6.8 billion euros. Fiat Industrial is a separate entity from Fiat's automotive division. At the start of 2011 Fiat spun off Fiat Industrial to hold its non-automotive activities, which include the production of trucks, commercial vehicles and buses, under the Iveco marque, as well as the non-automotive sector of its Powertrain subsidiary that develops engines and transmissions.

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