MILAN – Italian heavy-duty vehicles maker Fiat Industrial says fourth-quarter earnings are up 20 percent on solid sales of tractors and combines that offset lower performance of its truck business.
Based in the northern city of Turin, Fiat Industrial SpA on Thursday reported net profit in the period of €148 million ($200 million), up from €123 million a year earlier. Revenues were €7 billion.
For the full year, net profit grew 30 percent to €810 million on revenues of €25.8 billion.
Fiat Industrial, which is in the process of a full merger with its U.S.-based CNH farm and construction subsidiary, forecast a 5 percent increase in revenues this year, and recommended a total dividend payment of €275 million, or €0.225 a share.
Fiat Industrial also comprises IVECO trucks and FPT Industrial powertrains.