Fiat Chrysler Automobiles NV( NYSE: FCAU) announced its fourth-quarter financial results on Thursday. Shares of the company increased 1.1% early Thursday afternoon to $24.42 per share.
According to the company, for the fourth quarter, adjusted earnings before interest and taxes increased 22%, which was in line with analysts’ estimates. The increase in earnings was boosted by improvements in Europe and Latin America. Revenue for the fourth quarter dropped 3%.
“I think there’s a very strong likelihood that we will outperform Ford in terms of operating earnings in 2018,” Sergio Marchionne, Fiat Chrysler Automobiles NV CEO, said on Thursday. “That’s something that if I told any of us in the room here that would’ve been doable five years ago, nobody would have believed it.”
For 2018, the company expected its revenue to be $155 billion, or 125 billion euros, which was lower than the previous estimate of around $169 billion, or 136 billion euros. In addition, adjustment pre-tax earnings were expected to be around $10.8 billion, or 8.7 billion euros.
Fiat Chrysler also expected to generate around 4 billion euros in net cash and cancel all debt in 2018. The net cash was expected to be between 4 billion and 5 billion euros previously.
“The 2018 forecast is an indication of what this machine can produce,” said Marchionne. “We’re going to run our business and we are going to run hard.”