MILAN, Oct 30 (Reuters) - Italian automaker Fiat on Wednesday cut its 2013 financial targets as expected, after third-quarter revenue in Latin America fell because incentives expired in Brazil.
Fiat now expects to earn a trading profit of between 3.5 billion and 3.8 billion euros ($5.2 billion) in 2013, the bottom end falling below an analyst forecast range of 3.65-3.92 billion euros.
Fiat said its group trading profit for the third quarter was 816 million euros, lower than analysts forecasts of 915 million euros.
Trading profit is earnings before interest, tax and one-time items.
Fiat's loss in EMEA narrowed to 165 million euros in the third quarter from a 238 million euros loss the year before.
Its trading profit in Latin America tumbled to 165 million euros in third quarter from 341 million euros. Analysts had been expecting the revenue decline in Brazil, which usually accounts for about a quarter of Fiat's trading profit.
Net debt was 8.3 billion euros, against an analyst forecast of 7.6 billion euros and compared to 6.5 billion euros at year-end.