MILAN -(Dow Jones)- Italy's Fiat Industrial SpA (FI.MI) Wednesday said fourth-quarter net profit fell 13% to EUR144 million, missing market expectations despite a rise in revenue to EUR6.8 billion from its truck, tractor and combine businesses. For all of 2011, its net profit also failed to meet expectations, totaling EUR701 million. Fiat Industrial had been expected to post a fourth-quarter net profit of EUR194 million on revenue of EUR6.43 billion, according to the average of forecasts from five analysts compiled by Dow Jones Newswires. For the year, it was expected to report a net profit of EUR717 million on revenue of EUR24 billion. Fiat Industrial, which comprises Iveco trucks and CNH Global NV (CNH) agricultural and construction vehicles, said in a statement its board had recommended a dividend payment of EUR240 million on the year's results. It also set higher targets for 2012, aiming for revenue of about EUR25 billion, a trading profit of up to EUR2.1 billion and a net income of about EUR900 million. It expects net industrial debt to stay flat at up to EUR1.2 billion. CNH reported its results Tuesday, giving investors an idea of what to expect from Fiat Industrial. It is the first full year of results reported by Fiat Industrial since it was spun off from Fiat SpA (F.MI) in January 2011. It owns 88.9% of CNH, which is based in the U.S. -By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com
