US Carmaker Chrysler Lifts Fiat Earnings

MILAN (AP) -- Italian carmaker Fiat says second-quarter net income more than quadrupled thanks to strong sales by U.S. subsidiary Chrysler.

Fiat on Tuesday posted a second-quarter net profit of 142 million euros ($188 million), up from a restated profit of 32 million euros in the same period last year.

Without Chrysler, Fiat would have lost 247 million euros, as European sales dropped 5 percent.

Worldwide car shipments were up 5 percent in the quarter, to 1.2 million units. North American sales rose 4 percent, while Asia and Latin America posted double-digit growth.

First-half profits dropped 12 percent to 59 million euros.

Fiat confirmed its 2013 targets of a trading profit between 1.2 billion euros to 1.5 billion euros on revenues of at least 88 billion euros.

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