MILAN (AP) — Carmaker Fiat Chrysler Automobiles returned to profit in the first quarter thanks to a 38 percent jump in revenue in North America and modest growth in Europe.
The carmaker on Wednesday posted net profit of 92 million euros ($101 million), up from a net loss of 173 million in the first quarter of 2014.
The carmaker, formed last year from the merger of the Italian automaker Fiat with Chrysler, confirmed its 2015 targets, including net profit in the 1 billion euro to 1.2 billion euro range.
Fiat Chrysler said that North America revenues rose thanks to higher sales volumes and better pricing, while Europe posted positive results for the second straight quarter. Latin America lost money, mostly due to the startup costs of the new Pernambuco plant inaugurated Tuesday.
