Fiat Chrysler profit shifts higher

Fiat Chrysler Automobiles said Wednesday its second quarter net profit rose by a quarter thanks to better operating performance in its main markets and a jump in Jeep sales.

However the net profit of 321 million euros ($353 million) was far below the 619 million euro consensus forecast of analysts surveyed by Factset.

A 2 percent dip in sales to 27.89 billion euros also disappointed investors who were expecting sales to rise by that amount.

Fiat said the increase in net profit was "driven by strong operating performance" in its key North American and European markets as well by its components unit.

FCA continued to benefit from the launch of its new Jeep Renegade model, with Fiat's worldwide Jeep sales up 16 percent.

Net profit over the first half of the year nearly tripled to 799 million euros.

The Italian-US manufacturer nudged up its annual targets. It now sees ending the year with an adjusted net profit of 2 billion euros on 112 billion euros in sales.

FCA shares were up 0.2 percent in afternoon trading in Milan, underperforming the FTSE-Mib index which was up 1.4 percent.