Fiat to buy back up to $1.87B in stock

Fiat will launch a $1.87 billion share buyback plan next week, the Italian carmaker said Thursday, after the company turned a profit last year. Speaking at a news conference after the company's annual shareholder meeting in its home city of Turin, Fiat Chairman Luca Cordero di Montezemolo said the company is on track to meet its financial targets for the year.

"The recent growth reflects a structural change at the company; it's not just a rebound" from a slide at the company brought on by an aging model lineup and billowing debt, Montezemolo said.

The buyback program to be initiated April 10, worth 1.4 billion euros, is aimed at picking up shares for stock option plans and providing an investment opportunity, Fiat said in a statement. Fiat stock closed up .14 percent at 19.14 euros ($25.57) on Thursday.