Fiat Chrysler Automobiles (FCAU) - Get Report said a new incarnation of its Maserati luxury sports cars has sped off, as the company announced record third- quarter results and revised its full-year guidance upwards.
The car maker raised its 2016 net profit forecast to €2.3 billion ($2.5 billion) from €2.0 billion.
The shares hit a high of €6.13 on the Milan exchange, before settling back to trade by mid-afternoon at around €6.03. That's still 2.2% above Monday's closing price of €5.90. In the New York morning the stock traded marginally lower at $6.49.
The company said Maserati's first ever SUV model, the Levante, has already received 18,000 orders worldwide, driving the brand's Ebit up to €103 million, compared with just €12 million in the third quarter last year.
It also said the production of its all-new Jeep Compass model began at its Brazilian plant in September. The vehicle will make its North American debut at the Los Angeles Auto Show in November.
The new Fiat 124 Spider Abarth, with its 170-horsepower turbocharged engine, has also now become available in both Europe and the Nafta region, adding to the group's high-performance sports car range.
For the group as a whole, third-quarter net revenue was more or less flat €26.83 billion, compared with €26.80 billion in the same period last year, but adjusted Ebit rose to €1.5 billion from €1.17 billion last year.
Fiat raised its full-year guidance for adjusted Ebit from €5.5 billion at its previous earnings announcement in July to €5.8 billion.
The group also said net industrial debt rose to €6.5 billion at the end of the quarter from €5.5 billion at the end of June.