Friday, July 3, 2015

PhillyInc sees shift by Fiat to buy rest of Chrysler

The Italian automaker may not be pursuing an initial public offering for Chrysler after the U.S. and Canada sold their stakes a week ago.

PhillyInc sees shift by Fiat to buy rest of Chrysler

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Fiat may be trying to buy the 41.5 percent stake in Chrysler held by the United Auto Workers. (Paul Sancya / Associated Press)
Fiat may be trying to buy the 41.5 percent stake in Chrysler held by the United Auto Workers. (Paul Sancya / Associated Press)

Raise your hand if you thought Chrysler would be conducting an IPO after the U.S. and Canadian governments sold off their last holdings in the automaker,

Me too. But now comes word via Reuters that Fiat may be trying to buy the 41.5 percent stake in Chrysler held by the United Auto Workers. Apparently, that's a move that might prompt ratings agencies to downgrade Fiat's debt. Chrysler is expected to announced its Q2 financial results Tuesday.

In earnings news of Phila-area companies, Dorman Products reported higher sales and profits for its second quarter. The Colmar-based supplier of aftermarket auto parts said revenues for the quarter ended June 25 rose 14 percent to $132M from $115M a year ago. Net income was up 11 percent to $12.7M, or 70 cents per share.

Berwyn-based Ametek produced even better results for its Q2. Sales rose 28 percent to $759M from $592M in the 2010 2d qtr. Net income was up 40 percent to $94M, or 58 cents per share. More important to investors was that the electronic instruments maker raised its earnings projections for 2011 to $2.30-$2.34 per share, from $2.20-$2.25.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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