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Fiat Chrysler Automobiles' assembly workers build Ram 2019 pickup trucks at the FCA Sterling Heights assembly plant in Sterling Heights, Michigan on October 22, 2018.
Rebecca Cook | Reuters
Fiat Chrysler shares fell in value on Friday after announcing disappointing first quarter results, but they are still on track to meet their 2019 targets.
American and Italian companies lost up to 2.8% before climbing 6% in intraday transactions.
The automaker said the slowdown in sales in North America and Europe led to higher profits to the south. However, he adds, sales of new US pickup trucks, including the Jeep Gladiator and Ram models, would help achieve his goal of more than 6.7 billion euros (2019) in profits for 2019
Sales of its popular line of Ram trucks jumped 22% from last year, while overall sales in the United States fell 3.1% in the first three months of the year.
Fiat Chrysler also said its first-quarter net profit had dropped 47 percent from the same period last year, rising from 951 million (1.06 billion) to 508 million euros ( 568 million euros) in the same quarter of the previous year.
In addition, earnings per share did not meet Wall Street expectations, standing at 40 cents (0.36 euros) compared to analysts' estimates at 52 cents (0.47 euros).
The Fiat Chrysler stock has soared 10.17% since the beginning of the year. In the last 12 months, the stock has decreased by 29.17%.
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