Fiat Chrysler Automobiles reported net income of 92 million euros ($101 million at today's exchange rate) in the first quarter as strong performance in North America offset a steep decline in Latin America.
The first-quarter profit compares with a loss of $190 million a year earlier.
In North America, the automaker reported revenue of $17.8 billion, up 38 percent. FCA recorded shipments in North America of 633,000 vehicles, up 8 percent, and sales of 587,000 vehicles, up 6 percent.
The company said its North American profit margin for the quarter was 3.7 percent, up from 3.2 percent a year earlier. Adjusted earnings before interest and taxes in the region rose 58 percent to $661 million.
FCA said its worldwide unit shipments for the quarter fell 2 percent to 1.1 million vehicles, largely because of Latin America. Jeep shipments rose 11 percent worldwide as the SUV brand’s global buildout continued.
First-quarter global revenues rose 19 percent to $29 billion.
The company reported cash of $24 billion, down from $25.3 billion in the first quarter of 2014. FCA, the parent company of FCA US, said it had a gross industrial debt of $36.6 billion, down from $37 billion it had at the same point in 2014.
The automaker’s U.S. sales were up 6 percent during the first three months of 2015 on a 5 percent gain in pickup and SUV sales and a 10 percent rise in car sales.
FCA confirmed its overall guidance for the year, saying that it would ship approximately 4.9 million vehicles and projecting net revenues of approximately $118.7 billion. The company said it expects its overall profit for 2015 to finish at approximately $1.2 billion, and have a net industrial debt of $8.25 to $8.8 billion.
First-quarter adjusted profit at Ferrari, the supercar maker that will be separated from Fiat Chrysler later this year, rose 25 percent to 100 million euros ($111 million), helped by currency effects as the unit delivered almost 100 fewer vehicles than a year earlier.
The manufacturer has relied on North American operations, where sales have risen for 60 straight months, to overcome weakness in Europe, where it made money in the fourth quarter for the first time since 2007.
The dollar’s gain versus the euro enhances the margin coming from U.S.-made SUVs and trucks when the company converts those earnings into euros. The euro tumbled 21 percent against the dollar in the 12 months through April 27. Still, profit margins in the region remains “far below” General Motors and Ford Motor Co., said Max Warburton, an analyst with Sanford C. Bernstein.
Bloomberg contributed to this report.