Fiat Lowers 2013 Profit Target as Quarterly Earnings Decline
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Fiat SpA, the Italian carmaker that controls Chrysler Group LLC, lowered its profit target for 2013 as sales in Brazil slumped and losses in Europe persisted.
Full-year trading profit, or earnings before interest, taxes and one-time gains or costs, will miss an earlier forecast by as much as 13 percent, Turin-based Fiat said today in a statement. Third-quarter earnings on that basis fell 9.4 percent to 816 million euros ($1.12 billion).