Fiat Chrysler Automobiles on Thursday said fourth-quarter adjusted operating profit rose 16 percent to a record $2.3 billion U.S. dollars ($3 billion Canadian). Revenue was up 1 per cent to $32.7 billion ($43.4 billion Canadian).
For all of 2019, the automaker's adjusted operating profit declined 1 per cent to $7.3 billion ($9.7 billion Canadian).
In North America, adjusted earnings before interest and taxes rose 23 per cent in the fourth quarter to $2.3 billion, and its profit margin in the region reached a record 10 per cent. North American revenue was up 6.4 per cent to $22.7 billion in the quarter.
FCA doesn't break out Canadian results in its financial reports, but the automaker finished 2019 with a 7.3 per cent gain in December vehicle sales in Canada. For the year, FCA's Canadian sales fell 0.9 per cent to 223,101 vehicles, but the Ram brand surged 14 per cent to sales of 101,974 units.
FCA shares rose 2.3 percent in premarket trading in New York.
FCA said its earnings are a 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 per cent 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.