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FCA Earnings for Q2 2020:North America makes a small profit despite shut down-overall Burns through €4.9 billion.

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AlexB

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*North America:€39 Million EBIT
*Europe,Middle East,Africa: EBIT loss of -€ 589 Million
*Latin America: EBIT loss of -€96 Million
*Asia-Pacific: EBIT loss of -€59 Million
*Maserati: EBIT loss of -€99 Million

https://www.fcagroup.com/en-US/medi...2020/july/FCA_2020_SECOND_QUARTER_RESULTS.pdf

''Our second quarter showed that decisive actions and extraordinary contributions from our workforce enabled FCA to contain the impact of the COVID-19 crisis. While the company remains vigilant about the health and safety of employees, our plants are up and running, dealers are selling in showrooms and online, and we have the flexibility and financial strength to push ahead with our plans." - Mike Manley, CEO''
Click to expand...

[QUOTE]FCA contains Q2 COVID-19 impact with Net loss from continuing operations and Adjusted net loss both of €(1.0) billion; Adjusted EBIT €(0.9) billion. North America profitable. Industrial free cash flows €(4.9) billion. Available liquidity at June 30, 2020 of €17.5 billion excludes €4.5 billion undrawn portion of the Intesa Sanpaolo loan facility. Results and operating cash flows significantly improved in June. 2020 [/QUOTE]
The Intesa Sanpaolo loan facility is the the ''80/20'' loan guaranteed by the Italian Government: ( FCA approved for 6.3 billion EUR Loan for FCA Italy with 80% guaranteed by Italy. How it stacks up to other FIAT/Chrysler guarantees/recues... )
 
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Manley stated North America is back to pre-covid 19 production outside of Warren Truck overhaul,Toluca is also down for an retooling.
 
Manley stated inventory in Europe is improved. He also notes FCA is back to full product development work,globally.
 
Manley: EV's require an entire new thinking about ownership eco-system.
 
RAM Promaster will be the first of Waymo's In-driver technology.
 
First question from an Euro analyst is about Bronco, inventory,and Merger dividend.
 
Manley said there flows in demand, but in his ''point-of-view'' the Company inventory will be in good position.
 
Manley stated Bronco is not a concern and FCA has competitive spirit running the organization .😀
 
Manley refuse to make a comment on the dividend.
 
In answer about Waymo terms, Manley stated the goal if for both of the organizations to benefit from the commercial terms.
 
In a question about demand he stated RAM truck demand is strong with excellent Average Transaction Prices,Italy vehicle demand will be slower in recover than the U.S.
 
Manley hinted at Electric RAM, stating ''FCA will not stay on the sidelines'', but do have a different P-O-V on sales of that category vs others(GM/Ford).
 
Question about FCA buying tax credits: Manley answer is €800 Million FY.
 
Bank Of America analyst ask about the date of not needing credits: Manley answer is 2021.
 
The call ends with Manley praising and thanking the employees of FCA for going through the tough period of events.
 
If North America avoids shutdown, then I think $5 billion of cash gets generated and John will demand the merger dividend or pull the PSA deal.
 
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