Fiat, the Italian automaker that controls Chrysler, returned to a second quarter profit due to improved sales of agricultural vehicles and equipment. The company also reported that it may raise its 2010 forecast later this year.
The carmaker reported a net income of $115.6 million (or €90 million) for the second quarter of 2010, whereas the company had a €168 million loss last year for the same period. Net revenues rose 12.5% to €14.8 billion. In addition to this, earnings before interest or trading profit, taxes, and one-time losses or gains more than doubled and reached €651 million, which significantly trumps the €359 million estimate of 11 business analyses gathered by Bloomberg.
Fiat produces cars under the Fiat, Alfa Romeo and Lancia names, as well as trucks, construction equipment and farming machines.
Revenues at agriculture and CNH construction increased 16% to €3.3 billion as improved sales in South and North America compensated for the weak markets in the former Soviet Union, Australia, and Europe, according to Fiat. Iveco trucks climbed 18.3% to €2.1 billion with the number of deliveries up 32% to 34,318 vehicles.
In a release, Fiat added that recovery in the lightweight commercial vehicle division compensated for the decrease in sales of passenger cars, especially in Germany and Italy, following a cease in European eco-incentive programs.
Thursday, July 29, 2010
Monday, July 26, 2010
Nokia Rises After Report on Search for New CEO
After the Wall Street Journal reported that Nokia Oyj is planning to replace current CEO Olli-Pekka Kallasvuo, the major phone maker’s trading numbers in Helsinki rose up to 5.2% July 20, 2010.
Nokia has approached several US-based technology companies for the position of CEO and will decide by the end of July, according to the Wall Street Journal report, which mentioned unidentified people who had known about the situation. Arja Suominen, Nokia’s spokeswoman, refused to comment.
According to Ulf Moritzen, who works with Hamburg-based Aramea Asset Management and helps manage Nokia’s shares, getting a new CEO will do the company good. He added that it is important for Nokia to react quickly to economic changes.
A new chief executive officer can help in delivering products that can compete with leading portable devices, such as Research In Motion’s Blackberry and Apple’s iPhone, especially when Nokia has not been able to provide a smartphone that has all the mass appeal that the iPhone possesses.
To protect its market share, the Finnish phone manufacturer has focused on cutting prices and sacrificing profits.
Nokia’s stock increased as much as 35₵ to €7.115, which is the biggest gain ever since May 10, 2010. As of 10:23 of July 20, the stock was up 3.45%. Before this rise, shares declined by 24% this year.
Nokia has approached several US-based technology companies for the position of CEO and will decide by the end of July, according to the Wall Street Journal report, which mentioned unidentified people who had known about the situation. Arja Suominen, Nokia’s spokeswoman, refused to comment.
According to Ulf Moritzen, who works with Hamburg-based Aramea Asset Management and helps manage Nokia’s shares, getting a new CEO will do the company good. He added that it is important for Nokia to react quickly to economic changes.
A new chief executive officer can help in delivering products that can compete with leading portable devices, such as Research In Motion’s Blackberry and Apple’s iPhone, especially when Nokia has not been able to provide a smartphone that has all the mass appeal that the iPhone possesses.
To protect its market share, the Finnish phone manufacturer has focused on cutting prices and sacrificing profits.
Nokia’s stock increased as much as 35₵ to €7.115, which is the biggest gain ever since May 10, 2010. As of 10:23 of July 20, the stock was up 3.45%. Before this rise, shares declined by 24% this year.
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