Fiat Chrysler Automobiles (FCAU) Misses Q1 EPS by 3c
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Fiat Chrysler cuts debt by more than expected
April 26, 2018 7:27 AM EDTBy Agnieszka Flak
MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) reduced its debts by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year.
Chief Executive Sergio Marchionne expects to cancel all debt during 2018 - possibly by the end of June - and generate around 4 billion euros ($5 billion) in net cash by the end of the year.
The forecast does not include any one-off measures, nor the impact of the planned spin-off of parts maker Magneti Marelli, which Marchionne hopes to execute by early 2019.
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