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Italy's Fiat says Q4 earnings more than double on strong US results despite European weakness

Fiat SpA, the Italian automaker that controls Chrysler LLC, saw fourth quarter earnings more than double thanks to strong North American sales that more than compensated for a weak performance in Europe.

The Turin-based carmaker posted net profit of €102 million ($138 million), up from €43 billion in the same period last year. Revenues were €21.8 billion.

For the full year, net profit attributable to the parent company shrank to €348 million from €1.3 billion in 2011. Fiat owns 58.5 percent of Chrysler, which earned $1.7 billion last year.

Fiat also said Wednesday it would not pay a dividend in order to maintain liquidity for investments.

The carmaker said it expects to earn €1.2 billion to €1.5 billion this year on revenues between €88 billion and €92 billion.