Filed at 6:19 a.m. ET
MILAN (AP) — The Italian automaker Fiat Group SpA has posted its third straight quarterly loss due largely to falling sales of trucks and construction and farm equipment.
Wednesday’s earnings release says Fiat lost euro168 million ($251.5 million) in the third quarter despite a 4 percent increase in auto sales due largly to cash-for-clunkers schemes that rewarded its small cars and fuel-efficient engines.
That compares with a revised quarterly profit in 2008 of euro604 million.
Revenues were down 15 percent at euro12 billion compared with euro14.3 billion last year.
Fiat took over a controlling share of Chrysler LLC in June, and CEO Sergio Marchionne is set to announce Chrysler’s five-year business plan on Nov. 4.
Fiat Reports Third Straight Quarterly Loss
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