Fiat Chrysler raises revenue forecasts after second quarter profits increase 70 percent

IndustriesAssociated Press

Fiat Chrysler Automobiles raised its revenue forecast after strong sales in North American and recovery in the European market boosted second-quarter profits by 70 percent.

Fiat said Thursday that net profit was 333 million euros ($364 million), compared with 197 million euros in the same period last year. The carmaker said it was raising its revenue forecast to 110 billion euros from 108 billion euros, on worldwide shipments of 4.8 million units.

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The rosy results come as the carmaker must face a costly deal with U.S. safety regulators to settle legal problems in about two-dozen recalls.

North American sales volumes were up 8 percent, pushing net revenues in the region up by 40 percent, while European volumes were up by 12 percent boosting revenues 19 percent.