Fiat Chrysler first-quarter profit falls as auto sales start to slow

• FCA saw sales weaken in its critical US market.
• The US auto market has been running hot for four straight years, but is finally showing signs of a downturn.
• FCA missed analysts expectations for profits.

Fiat Chrysler Automobiles (FCA) said on Friday its adjusted operating profit fell 29 percent in the first quarter as sales slowed in its North American profit center and Europe.

Adjusted earnings before interest and tax (EBIT) stood at 1.07 billion euros ($1.19 billion) in the January-March period, short of analysts expectations of 1.31 billion euros, according to a Reuters poll.

Milan-listed shares in the Italo-American automaker fell 2.8 percent after the number first came out, before pairing losses. They were up 1.15 percent by 1053 GMT.

On the New York Stock Exchange, FCA shares rose 3% in pre-market trading, to $15.50. The stock has climbed about 5% year-to-date.

(Reuters reporting by Giulio Piovaccari.)