Truck and tractor manufacturer Fiat Industrial (FIATY.PK) Tuesday reported a fall in profit for the first quarter, amid a slight drop in revenues. The company cut its revenue forecast for the year.
Profit for the quarter declined 31 percent to 171 million euros from 202 million euros. The prior year results have been restated.
Profit attributable to owners of the parent fell to 138 million euros from 177 million euros. Earnings per share dropped to 0.113 euros from 0.145 euros.
Net revenues slid to 5.802 billion euros from 5.837 billion euros in the prior year. According to the company, sales increases for the Agricultural Equipment and Powertrain offset reduced volumes in the Construction Equipment and Trucks and Commercial Vehicle segments.
Fiat Industrial now sees revenues in 2013 to increase between 3 percent and 4 percent, compared to the previous forecast of 5 percent growth.
Trading margin is estimated to be between 7.5 percent and 8.3 percent, while the previous forecast was for 8.3 percent to 8.5 percent growth.
The company now sees net industrial debt between 1.4 billion euros and 1.6 billion euros. Previously, it expected debt between 1.1 billion euros and 1.4 billion euros.
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