FILE - In this Friday, May 21, 2010 file photo, Chrylser CEO Sergio Marchionne, left, is seen with Jeep brand President and CEO Mike Manley at the Jefferson North Assembly Plant, in Detroit. Fiat Chrysler's board recommends Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne, Saturday, July 21, 2018. (AP Photo/Carlos Osorio, File)

Fiat Chrysler profits sink in last quarter under Marchionne

July 25, 2018 - 6:28 am

MILAN (AP) — Fiat Chrysler Automobiles has lowered its full-year targets after second-quarter profits sank by 35 percent, but confirmed the carmaker had eliminated its net industrial debt.

Fiat Chrysler announced its earnings Wednesday shortly after confirming the death of its long-time CEO Sergio Marchionne, who was hastily replaced due to a sudden deterioration in health.

Fiat Chrysler reported second-quarter profits dropped to 754 million euros ($881 million) from 1.15 billion euros a year earlier. As a result, the Italian-American company lowered its full-year earnings target to a range of 7.5 billion to 8 billion euros, from 8.7 billion euros. The balance sheet also showed net industrial cash of 456 million euros.

The new CEO, Mike Manley, later presents the results to the financial community in his debut as global boss.

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