Shares of Fiat Chrysler Automobiles dropped 0.1 percent to 7.225 euros Tuesday in Milan, despite a first quarter report indicating that the company had topped profit forecasts.

FCA indicated in the report that seasonal and currency fluctuations resulted in its total debt increasing to 6.6 billion euros ($7.4 billion) at the end of March, up from 5.1 billion euros from the previous quarter.

In the January-to-March period, FCA reported that its adjusted operating profit doubled to 1.38 billion euros, exceeding industry estimates of 1.17 billion euros. Overall sales were up 3 percent to 26.57 billion euros, falling short of expectations.

Sales in North America made up nearly 90 percent of FCA’s quarterly profit, the result of strong demand for its pickup trucks and Jeep SUVs.