Ram pickups powered Fiat Chrysler Automobiles' earnings in the first quarter of 2019, although the automaker saw those numbers drop compared with the same period last year.

The automaker reported a net profit of $567 million (508 million euros), a drop of 47%.

Adjusted earnings before interest and taxes were $1.19 billion (1.07 billion euros), down from $1.67 billion (1.5 billion euros). Revenues at $27.3 billion (24.5 billion euros), were down from $28.7 billion (25.7 billion euros).

Adjusted earnings per share of 40 cents (0.36 euros) were below analysts' expectations.

FCA CEO Mike Manley, however, pledged that the company's overall performance would improve later in the year.

"The first quarter will in fact be the lowest quarter that we have," Manley said during a conference call Friday.

FCA is a global automaker but its first-quarter results showed just how much it depends on North America. Adjusted earnings for North America were at $1.16 billion (1.04 billion euros), down from $1.36 billion (1.22 billion euros) in the same quarter last year.

The company's results in both Asia and Europe saw declines from the first quarter of 2018 in earnings before interest and taxes, although that was up in Latin America.

Wrangler struggles

A company spokesman noted that one big impact in the quarter was the loss of production of both the old Wrangler and the new Wrangler. Both versions had been produced in Toledo through the middle of April 2018.

That kept shipments down, but the automaker plans a $4.5 billion manufacturing investment in metro Detroit. In addition, new products, such as the Jeep Gladiator, are hitting showrooms.

Manley struck a positive tone in remarks included with the earnings report.

"The market is responding enthusiastically to the rollout of our new products, and we continue to execute initiatives that will strengthen the underperforming parts of our business. Based on these factors and our first-quarter results being in line with our expectations, we are confident in our 2019 guidance," Manley said in the release.

The power of the Ram brand in particular at a time of declining sedan sales helped lift the automaker, something noted by analysts.

"RAM continues to keep the lights on at FCA, and the fact that the 1500 has overtaken Silverado in the large truck sales race is something the company can feel good about. We'll be keeping a close eye on FCA's inventory and incentives as the year progresses; while buzzy new products like the Gladiator and a new three-row Jeep will get buyers excited, the company has to find a way to move the less flashy vehicles if it's going to be successful," Jeremy Acevedo, Edmunds' manager of industry analysis, said in a news release.

More:No fair! GM lets loose on FCA over Ram sales push

More:Ford made bold decision to stop making sedans: How it's working out 1 year later

More:GM's truck sales finance push for self-driving cars; company shows $2.1 billion profit

The sales trends continued in April, with Ram being the only FCA brand to see a sales increase over the same month in 2018. In fact, Ram was up 25% for the month and 22% for the year.

FCA has bolstered its numbers by continuing to produce the older version of the Ram 1500, what the company calls the Classic. General Motors spokesman Jim Cain has complained that “the Ram pickup’s first-quarter sales victory over Silverado amounted to a hollow chocolate Easter bunny because FCA has been pulling out all stops to win sales.”

Two-truck strategy continues

Part of the concern expressed by GM is related to the continued reliance on Classic sales along with significant incentives on the new truck. The Ram Classic is produced in Warren and the new Ram 1500 is made in Sterling Heights.

Manley, however, said the two-truck strategy would continue.

“I think the strategy has worked well for us," Manley said. "I see no reason at this moment in time and the foreseeable future to change that strategy."

Manley said fleet sales for the Classic would grow. He noted the company was unable to address "big opportunities" in government and commercial sales last year.

"We think there is an opportunity to grow. I think the Classic truck will be one of the areas that enables us to do that," Manley said.

Jon Gabrielsen, an auto analyst and consultant, praised the move.

"(The) two-Ram strategy is brilliant and identical to when they brought out the very first Grand Cherokee and kept making the original boxy Cherokee for years and called (it) the same thing, ‘Classic,' " Gabrielsen said.

In addition to financial performance talk, ongoing speculation that FCA might eventually merge with another automaker or expand its partnership with PSA Groupe, which makes France's Peugeot, was also referenced during the conference call.

Manley did not commit to anything, but he did speak highly of FCA's current arrangement with PSA Groupe to make vans in Italy.

“It's one of the best partnerships that we've had," Manley said. “If you approach these things in the right way, they can be beneficial to both parties.”

Manley said FCA would "absolutely" consider a partnership with PSA related to electrification "under the right circumstances."

No more monthly sales

Beginning with July, FCA will join its crosstown Detroit rivals, General Motors and Ford, in switching to quarterly sales reports.

The company's chief spokesman, Neil Golightly, said the quarterly reports would "continue to provide transparency of our sales results while at the same time aligning with where industry practice is heading."

However, Edmunds' Acevedo noted that "the fact that more automakers are moving to quarterly reporting at the same time that the auto market is starting to slow isn't an accident."

GM led the way a year ago in making the change, followed by Ford this year.

FCA's quarterly sales reports are to begin Oct. 1.

Gabrielsen noted that FCA's market share has continued to gain strength as Ford and General Motors have seen their shares decline in recent years. And he said that unlike those other automakers, FCA has two pillars of strength in Jeep and Ram.

"FCA is not a one-trick pony," he said.

Earnings for the quarter excluded Magneti Marelli. FCA announced the completion on Thursday of the sale of the components business for $6.5 billion (5.8 billion euros) to a holding company of Japan's Calsonic Kansei. FCA had been working to sell the maker of electronics, automotive lighting and powertrains since at least last year, and the board approved a special dividend of $1.45 (1.30 euro) per share of common stock.

Contact Eric D. Lawrence: elawrence@freepress.com. Follow him on Twitter: @_ericdlawrence.