Fiat Cuts 2014 Profit Forecast as Automaker Plans NY Listing
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Fiat SpA, which announced plans today for a primary listing on the New York Stock Exchange, cut its profit forecast for this year after posting fourth-quarter earnings that disappointed investors.
Fiat, which bought full control of Chrysler last week, said today that 2014 trading profit will be 3.6 billion euros ($4.9 billion) to 4 billion euros, lowering a goal set in 2012 for profit of 4.7 billion euros to 5.2 billion euros. The shares fell 4.1 percent.