AFP (Milan) -Italian industrial giant Fiat said Thursday that it returned to profit in 2010, beating analyst forecasts as it enjoyed strong sales of lorries and tractors, with Brazil performing especially well.
The company, recently restructured into separate auto and industrial operations, also confirmed its guidance through to 2014 for the two new entities.
Fiat said the former, single company had a net profit of 600 million euros ($820 million) last year, reversing a loss of 849 million euros in 2009 and beating analyst forecasts for earnings of 380 million euros.
Sales were up 12.3 percent to 56.26 billion euros despite a 3.2 percent fall in vehicles sold at 2.08 million.
For the fourth quarter alone, it posted a net profit of 318 million euros compared with the year-earlier loss of 283 million euros.
As of January 1, Fiat split into two companies -- its traditional auto business based on its Fiat, Lancia, Alfa Romeo and Maserati brands; and Fiat Industrial formed from CNH, its agricultural and construction equipment unit and Iveco, the commercial trucks branch.
The two companies will report their results separately in due course.
The Fiat Industrial part of the business had sales of some 21 billion euros last year, up 18 percent, while Fiat Auto generated more than 35 billion euros, up 9.8 percent.
Fiat head Sergio Marchionne, who also runs US auto giant Chrysler, told analysts that he was not looking for any new alliances but he remained open to any opportunities.
He highlighted a"very good performance" in Brazil, Fiat's top market and which offset a more mixed picture in Europe.
This year, Brazil will continue to grow, along with other markets except Italy, he added.
Marchionne reaffirmed his wish to increase Fiat's stake in Chrysler, which it helped rescue from bankruptcy, to 51 percent, this year but he added that it would be premature to say that such a step was close.
Earlier this month, Fiat increased its stake in Chrysler to 25 percent from 20 percent.
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