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Chrysler Quarterly Profit Quadruples
Chrysler Group LLC's net income for the fourth quarter of 2013 zoomed to $1.6 billion from $378 million a year earlier, aided by a $962 million non-cash tax benefit.
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Chrysler Group LLC's net income for the fourth quarter of 2013 zoomed to $1.6 billion from $378 million a year earlier, aided by a $962 million non-cash tax benefit.
Excluding special items, Chrysler's quarterly profit totaled $659 million. The company's operating profit climbed 51% to $1.1 billion. Revenue for October-December increased 24% to $21.2 billion.
Worldwide vehicle shipments for the quarter totaled 736,000, a 20% jump from the year-earlier period.
For all of 2013, Chrysler posted net income of $2.8 billion, up from $1.7 billion in 2012. Excluding special items, the 2013 profit was $1.8 billion. The company's 2013 operating profit gained 9% to $3.2 billion.
Full-year 2013 worldwide vehicle shipments totaled 2.6 million, up 6% from the year before, and revenue grew 10% to $72 billion. Unit sales outside North America rose 12% to 309,000 vehicles.
Chrysler had $13.3 billion of cash on Dec. 31, up from $11.5 billion on Sept. 30 and $11.6 billion on Dec. 31, 2012.
Chrysler's 2014 targets include about 2.8 million worldwide vehicle shipments, revenue of $80 billion, operating profit of $3.7 billion-$4 billion, net income of $2.3 billion-$2.5 billion and free cash flow of $500 million-$1 billion.
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