Fiat Chrysler Automobiles on Thursday said fourth-quarter adjusted operating profit rose 16 percent to a record $2.3 billion. Revenue was up 1 percent to $32.7 billion.
For all of 2019, the automaker's adjusted operating profit declined 1 percent to $7.3 billion.
In North America, adjusted earnings before interest and taxes rose 23 percent in the fourth quarter to $2.3 billion, and its profit margin in the region reached a record 10 percent. North American revenue was up 6.4 percent to $22.7 billion in the quarter.
FCA shares rose 1.25 percent to $13.79 in early trading in New York.
The company said UAW members would receive profit-sharing checks averaging $7,280 because its full-year operating margin in North America hit a record 9.1 percent. FCA's North American operating profit of $7.3 billion, up 7.4 percent, also was a record.
FCA said this is the result of a favorable model mix, positive net price, industrial efficiencies, lower advertising costs and favorable foreign exchange effects, partially offset by lower volumes and increased product costs on new vehicles.
FCA said North American shipments were down 9 percent in 2019 because of dealer stock discipline, partially offset by volumes of all-new Jeep Gladiator and higher Ram 1500 shipments.
North American full-year net revenue was flat at $80 billion, "with favorable model mix and foreign exchange translation effects, offset by lower volumes and negative channel mix," FCA said.
"We continued to deliver value for our shareholders and we took actions to thrive in the future by substantially strengthening our financial position, committing to key product investments and entering into a combination agreement with PSA," FCA CEO Mike Manley said in a statement.
