MILAN (AP) -- Fiat Industrial, the Italian maker of trucks, farm and construction vehicles, has reported a 15 percent drop in fourth-quarter profits due to weak results in its agriculture and construction business.
Fiat Industrial SpA, which spun off from Fiat Group last year, said Wednesday net profit for the quarter was euro123 million ($162 million), down from euro146 million a year earlier. The CNH agriculture and construction equipment business earlier reported an 8 percent decrease in quarterly profits.
For the year, Fiat Industrial reported an 83 percent increase in net profit to euro624 million. That came in below the consensus of analysts polled by FactSet, who forecast euro735 million.
Fiat Industrial announced guidance of euro900 million for net income in 2012.
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MILAN (AP) -- Fiat Industrial, the Italian maker of trucks, farm and construction vehicles, has reported a 15-percent drop in fourth-quarter profits due to weak results in its agriculture and construction business.
Fiat Industrial SpA, which spun off from Fiat Group last year, said Wednesday net profit for the quarter was euro123 million ($162 million), down from euro144 million a year earlier. The CNH agriculture and construction equipment business earlier reported an 8-percent decrease in quarterly profits.
For the year, Fiat Industrial reported an 83 percent increase in net profit to euro624 million. That came in below the consensus of analysts polled by FactSet, who forecast euro735 million.
Fiat Industrial announced guidance of euro900 million for net income in 2012.
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