MILAN (Reuters) - Fiat Chrysler (FCHA.MI) on Wednesday reported second-quarter operating profit below expectations and revised downwards part of its full-year outlook, sending its shares down more than 10 percent.
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in Auburn Hills, Michigan, U.S., May 25, 2018. REUTERS/Rebecca Cook/File Photo
The earnings were overshadowed by the news that former Chief Executive Sergio Marchionne had died after suffering complications from surgery.
Jeep head Mike Manley was appointed to succeed Marchionne and will address analysts and investors during a conference call due 1200 GMT.
FCA said adjusted earnings before interest and tax (EBIT) for the April to June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros consensus in a Reuters poll of analysts.
Net revenues rose 4 percent, in line with expectations.
FCA said it expected 2018 net revenues of between 115-118 billion euros, down from a previous forecast of around 125 billion euros, while adjusted EBIT is expected at between 7.5-8.0 billion euros from at least 8.7 billion.
Reporting by Agnieszka Flak; editing by Stephen Jewkes
