Fiat Industrial SpA (MIL:FI) EBIT : €1,909 Mil (TTM As of Jun. 2013)

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What is Fiat Industrial SpA EBIT?

Fiat Industrial SpA's earnings before interest and taxes (EBIT) for the three months ended in Jun. 2013 was €613 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Jun. 2013 was €1,909 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fiat Industrial SpA's annualized ROC % for the quarter that ended in Jun. 2013 was 4.91%. Fiat Industrial SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 was 11.52%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Fiat Industrial SpA's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Jun. 2013 was 15.74%.

Fiat Industrial SpA EBIT Historical Data

The historical data trend for Fiat Industrial SpA's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Fiat Industrial SpA EBIT Chart

Fiat Industrial SpA Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

EBIT

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2,972.00

359.00

992.00

1,629.00

1,862.00

Fiat Industrial SpA Quarterly Data
	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13
EBIT	Get a 7-Day Free Trial										500.00	566.00	361.00	369.00	613.00

Competitive Comparison of Fiat Industrial SpA's EBIT

For the Farm & Heavy Construction Machinery subindustry, Fiat Industrial SpA's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Fiat Industrial SpA's EV-to-EBIT Distribution in the Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, Fiat Industrial SpA's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Fiat Industrial SpA's EV-to-EBIT falls into.

Fiat Industrial SpA EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Jun. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €1,909 Mil.

Fiat Industrial SpA (MIL:FI) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Fiat Industrial SpA's annualized ROC % for the quarter that ended in Jun. 2013 is calculated as:

	ROC % (Q: Jun. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2013 )	+	Invested Capital (Q: Jun. 2013 ))	/ count )
=	2452 * ( 1 - 38% )	/	( (30982	+	31001)	/ 2 )
=	1520.24	/	30991.5
=	4.91 %

where

	Invested Capital		(Q: Mar. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	39806	-	5189	-	( 3635	-	max(0, 8020	-	28350	+	3635	))
=	30982

	Invested Capital		(Q: Jun. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	40394	-	5524	-	( 3869	-	max(0, 8499	-	28922	+	3869	))
=	31001

Note: The Operating Income data used here is four times the quarterly (Jun. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Fiat Industrial SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2013		Q: Jun. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	2452	/	( ( (4641 + max(16695, 0))	+	(4663 + max(16554, 0)) )	/	2 )
=	2452	/	( ( 21336	+	21217 )	/	2 )
=	2452	/	21276.5
=	11.52 %

where Working Capital is:

	Working Capital		(Q: Mar. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1492	+	5660	+	17563)	-	(5189	+	0	+	2831)
=	16695

	Working Capital		(Q: Jun. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1504	+	5821	+	17728)	-	(5524	+	0	+	2975)
=	16554

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2013) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Fiat Industrial SpA's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Jun. 2013 )
	=	1909	/	12127.900
	=	15.74 %

Fiat Industrial SpA EBIT Related Terms

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Fiat Industrial SpA (MIL:FI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Farm & Heavy Construction Machinery » Fiat Industrial SpA (MIL:FI) » Definitions » EBIT

Traded in Other Exchanges

N/A

Address

Website

http://www.fiatindustrial.com

Fiat Industrial SpA operates in the capital goods sector. Each of the Group's businesses is a major international player in its respective industry sector: Iveco, CNH-Case New Holland and FPT Industrial. These three sectors design, produce and sell trucks, commercial vehicles, buses, special vehicles (Iveco), tractors, and agricultural and construction equipment (CNH), in addition to engines and transmissions for those vehicles and engines for marine applications (FPT Industrial). Agricultural equipment is sold under the New Holland Agriculture and Case IH and, in the premium segment in Europe, Steyr brands. Construction equipment is sold under the New Holland Construction and Case Construction brands, as well as the Kobelco brand in North America. Iveco designs, manufactures and sells a wide range of light (2.8-6 tons GVW), medium (6-16 tons GVW) and heavy (above 16 tons GVW) commercial vehicles for on-road and off-road use. In addition to its main product offer, the Company also offers after-sales and financing services, in addition to services related to used-vehicles. FPT Industrial is specialized in the design, production and sale of propulsion and transmission systems for on- and off-road trucks and commercial vehicles, as well as engines for marine application and power generation.