PSA Peugeot Citroen posted its first annual profit in three years after slashing costs by closing a plant, cutting jobs and reducing spending on new car models. Operating income was 905m euros ($1b) in 2014 after a loss of 364m euros a year earlier, the Paris-based company said in an e-mailed statement Wednesday. Earnings missed the 953.2m-euro average of 12 analyst estimates compiled by Bloomberg. Today it said it would generate 2b euros in operating free cash flow in the period through 2017 and repeated a goal of achieving a 2% operating margin in the automotive division by 2018.
