MILAN (AP) — Fiat SpA, the Italian automaker that controls Chrysler LLC, saw fourth quarter earnings more than double thanks to strong North American sales that more than compensated for a weak performance in Europe.
The Turin-based carmaker posted net profit of €102 million ($138 million), up from €43 million in the same period last year. Revenues were €21.8 billion.
For the full year, net profit attributable to the parent company shrank to €348 million from €1.3 billion in 2011. Fiat owns 58.5 percent of Chrysler, which earned $1.7 billion last year.
Fiat also said Wednesday it would not pay a dividend in order to maintain liquidity for investments.
The carmaker said it expects to earn €1.2 billion to €1.5 billion this year on revenues between €88 billion and €92 billion.