The Italian-American automaker on Wednesday reported a 14% year-over-year profit increase and its best-ever second quarter in
“Overall I would say we are pleased with our second results, which were in line with our second-quarter expectations,”
One year after Manley took over the automaker’s helm days ahead of the unexpected death of longtime CEO
The automaker’s shares closed up 1.7% Wednesday at $13.19, despite a down day in the markets.
The Ram pickup maintained its spot as the No. 2-selling truck in
To keep it that way, Manley said he expects to continue running the older model Ram 1500 at the
Meanwhile, high inventories, trade hostilities and decreasing global auto demands will make for greater challenges with investments in future technology and negotiations currently ongoing with the
“It’s not all good news for
The automaker reported $29.8 billion (26.7 billion euros) in revenue for April, May and June. Its second-quarter results were down 3% from the same period of 2018.
Adjusted diluted earnings per share were 56 cents (0.50 euros), up 14% from the second quarter of 2018. Industrial free cash-flow was down 50% to $840 million (754 million euros) from payments related to alleged cheating on diesel emissions testing and higher capital expenditures.
The company in its second quarter secured state and local support for the expansion of its
“What we’re looking at from where we sit today is a progressive transition,” Manley said, “with the right investments in our electric vehicle fleet to the backend of 2021-22 where we will through our own products be completely compliant.”
The scale of such a merger that would have created the third-largest automaker in the world remains compelling, Manley said.
“The opportunity was a great opportunity for us and, we believe, a great opportunity for
(c)2019 The Detroit News
Visit The Detroit News at www.detnews.com
Distributed by Tribune Content Agency, LLC.