Heavy vehicle sales boost Fiat

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Heavy vehicle sales boost Fiat

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Fiat’s third-quarter results came in much better than expected helped by strong truck, tractor and construction equipment sales.

Revenue was up 12 percent at almost 13.5 billion euros.

The Italian vehicle manufacturer, which is the sixth biggest in Europe, said it expected a net profit of about 400 million euros for the year; previously it has been saying that it would just about break-even.

Its 2010 trading profit target was lifted to more than two billion euros, above analyst expectations.

Weak car sales in western Europe as government scrappage schemes ended were partially offset by improved sales in Brazil, Fiat’s biggest hope for its car division.

It enjoyed better sales of light commercial vehicles in both emerging markets and in Europe.

Fiat’s shares jumped to their best price in more than two years.