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UPDATE 1-Fiat Chrysler Q4 profit up 7.1% on N.America, LatAm

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MILAN, Feb 6 (Reuters) - Fiat Chrysler posted a 7.1% rise in adjusted fourth-quarter operating profit on Thursday boosted by strong business in North America and better results in Latin America as it heads into a merger with France's PSA.

The Italian-American carmaker said adjusted earnings before interest and tax (EBIT) grew to 2.12 billion euros ($2.33 billion), in line with the 2.11 billion forecast by analysts polled by Reuters.

Full-year adjusted EBIT came to 6.67 billion euros, shy of its target of more than 6.7 billion euros.

Its full-year margin on adjusted EBITDA came in at 6.2% in line with a target of more than 6.1%.

A trader said FCA results were "a touch above" expectations.

Milan listed FCA shares were up 3.15% at 1225 GMT.

FCA in December agreed a $50 billion binding deal to combine forces with Peugeot maker PSA and create the world's No. 4 carmaker.

($1 = 0.9091 euros) (Reporting by Giulio Piovaccari; additional reporting by Danilo Masoni; editing by Stephen Jewkes and Jason Neely)