Fiat Q2 beats expectations, 2008 targets confirmed

MILAN, July 23 (Reuters) - Italian industrial group Fiat (FIA.MI: ) reported a 19.6 percent rise in its second-quarter trading profit to 1.131 billion euros on Wednesday, beating average market expectations. Trading profit at its core car business also rose above average expectations for the period, reaching 243 million euros, according to a statement. The group, which includes Iveco trucks and CNH (CNH.N: ) tractors and combines, confirmed its targets for the year, including a trading profit of 3.4 billion-3.6 billion euros. Fiat shares added to earlier gains to be up 7.07 percent at 11.17 euros in Milan after the news. Trading profit is operating profit before extraordinary items like restructuring costs. The figure for the car business includes the Fiat, Lancia and Alfa Romeo brands, but excludes Ferrari and Maserati.... [read full story]